FINTRAC licensed Master Select Group constantly seeks new breakthroughs in platform strength
HONG KONG, Aug. 17, 2020 /PRNewswire/ -- As a leading one-stop investment trading platform, MSG has obtained the VFSC offshore supervision of the Vanuatu Financial Services Commission in terms of regulatory qualifications. It also has the FINTRAC license, creating multiple security for investors.
In the coming September, Master Select Group will conduct platform strength upgrade actions around FINTRAC and VFSC license specifications, including: brand new official website, new US stock CFD product line, third-party technical analysis functions, etc. MSG looks forward to bringing better products and better services to investors.
Besides, MSG often receives messages from clients, asking how to check the registration information of MSG on the FINTRAC official website. It shows that clients have paid great attention to the FINTRAC license.
So what kind of organization is FINTRAC?
FINTRAC is actually the Financial Transactions and Reports Analysis Centre of Canada. It was established in 2000 and headquartered in Ottawa. It is an independent organization that reports to Canada's Minister of Finance.
In terms of its regulatory responsibilities, FINTRAC is committed to preventing money laundering and the financing of terrorist activities, while paying attention to the protection of personal data. On the whole, it will collect, analyze, evaluate, and disclose relevant information about the financial industry to protect the stability and security of the financial environment in Canada. Specifically, FINTRAC mainly performs its supervisory duties through the following 7 points:
- According to legislation and regulations, receive financial transaction reports and voluntary information disclosure on money laundering and terrorist financing.
- Protect personal information.
- Ensure that licensees comply with laws and regulations.
- Establish a financial intelligence network related to investigating money laundering, terrorist financing, and national security.
- Research and analyze various information data, analyze the trends and patterns of money laundering and terrorist financing.
- Responsible for the registration of the money service business.
- Raise public awareness and understanding of money laundering and terrorist financing.
Investors are most concerned about, is the FINTRAC license reliable?
Before any company can conduct Money Services Business (MBS) in Canada, it must first apply to the central bank for filing supervision, and it also needs to accept monitoring by the FINTRAC. The money service business license issued by FINTRAC is often referred to as FTR license or MSB license, which are the abbreviations of FINTRAC and Money Services Business respectively.
According to FINTRAC regulations, companies holding FTR licenses can provide three types of services to the public:
- Foreign exchange transactions: conduct currency trading and exchange one currency for another.
- Payment of funds: Use an electronic funds transfer network or any other method to transfer funds from one individual or organization to another.
- Exchange or sell money orders, traveler's checks, etc.
Licensed companies need to comply with strict compliance and risk control requirements, including:
- The appointment of a person who is responsible for the implementation of the compliance program - compliance officer.
- The development and application of written compliance policies and procedures that are kept up-to-date, and include enhanced measures to mitigate high risks.
- A risk assessment of the business activities and relationships.
- The development and maintenance of a written ongoing compliance training program for employees, agents, and others authorized to act on the company's behalf.
- The institution and documentation of an effectiveness review of the compliance program (policies and procedures, risk assessment and training program) every two years (minimum) for the purpose of testing its overall effectiveness.
This shows that FINTRAC has always maintained high requirements for licensed institutions. In addition, companies subject to FINTRAC supervision need to submit reports to FINTRAC when dealing with suspicious transactions, large-value cash transactions, terrorist property, etc., and if necessary, the companies need to keep transaction and customer identification records, and submit the information to FINTRAC for review within 30 days.
FINTRAC is one of the most authoritative and experienced financial regulators in the world. It is highly recognized in the industry and trusted by many investors. Holding the FTR/MSB license is of great significance to the global development of Master Select Group. In the future, MSG will continue to focus on listening to investors' needs and create the best trading environment for investors through a series of platform upgrade actions.