Changes in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) came into effect on June 23, 2008. As a result, Avantages services financiers must verify your identity before we can process a transaction on your behalf.

Securities regulations require Avantages Services Financiers, just like all financial services firms, to establish measures to detect and discourage criminality, fight against the financing of terrorist activities and also to assist any investigation related to any violation of the law.

Additionally, the firm must also comply with any investigation to fight against organized crime by providing information that could prevent criminal acts. However, Avantages keeps into consideration the Security of Information Act and is very cautious with the information that is shared to the authorities.

About money laundering and terrorist financing

Money laundering is the process of cleaning "dirty money" or assets that criminal activities generate (e.g., drug dealing, prostitution and extortion) and presenting them as legitimate "clean" assets that cannot be easily traced back to their illegal activities.

Terrorist financing may involve funds raised through legitimate sources (e.g. personal donations and profits from businesses and charitable organizations) as well as criminal sources, which are then routed to a recipient terrorist organization through informal networks and the formal financial system.

To find out more about the regulations and the fight against money laundering and terrorist financing, you can visit the Financial Transactions and Reports Analysis Centre of Canada's (FINTRAC's) Web site at www.fintrac-canafe.gc.ca or call them at 1-866-346-8722.