This document sets out the anti-money laundering (AML) and know your client (KYC) policy applicable at Elements Casino Mohawk. As a land-based casino operating in Ontario, Canada, the casino is classified as a reporting entity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. The casino is subject to oversight by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and must maintain a comprehensive compliance program to prevent money laundering and terrorist financing.
1. Scope and Application
This policy applies to all operations conducted at Elements Casino Mohawk, including gaming transactions, account openings, disbursements, and any other financial activity that falls within the scope of the PCMLTFA. All staff members who handle cash, process transactions, or interact with clients in a capacity that may expose the casino to money laundering or terrorist financing risk must comply with this policy and complete mandatory AML certification and training.
2. Compliance Program
A formal AML and anti-terrorist financing (ATF) compliance program is maintained as required by federal law. The program includes:
- Appointment of a compliance officer responsible for implementing and overseeing the AML / KYC framework.
- Written policies and procedures covering client identification, transaction monitoring, suspicious activity detection, reporting, and record-keeping.
- Ongoing risk assessment to identify and evaluate money laundering and terrorist financing risks associated with clients, transactions, and delivery channels.
- Independent testing of the AML program, including customer due diligence and transaction monitoring elements, conducted at intervals appropriate to the risk profile of operations.
- Training and certification for all staff exposed to AML / KYC obligations, with refresher training provided as necessary.
3. Client Identification and Verification
The identity of individuals and entities is verified using methods prescribed by the PCMLTFA and Regulations. Verification is required in specified circumstances, including when opening an account, when a client’s identity must be verified a second time, and in connection with certain large or reportable transactions.
For individuals, the following information is collected and verified:
- Full legal name
- Date of birth
- Residential address
- Government-issued identification document (for example, driver’s licence or passport)
For entities, the following information is collected and verified:
- Legal name and any operating or business names
- Address of the entity’s place of business
- Incorporation or registration number and jurisdiction
- Names of directors and individuals authorized to bind the entity or act with respect to the account
Beneficial ownership information for entity clients is obtained and reasonable measures are taken to confirm its accuracy, identifying individuals who own or control 25 percent or more of the entity or who otherwise exercise control over it.
4. Politically Exposed Persons and Heads of International Organizations
In circumstances specified by the Regulations, a determination is made as to whether a client is a politically exposed person (PEP) - foreign or domestic - or a head of an international organization (HIO). When a client is identified as a PEP or HIO, or when a beneficiary of a transaction is a PEP or HIO, enhanced measures are applied, including:
- Obtaining approval from senior management to proceed with the transaction or to keep an account open.
- Taking reasonable measures to establish the source of funds or virtual currency involved.
- Conducting enhanced ongoing monitoring of the business relationship.
5. Third Party Determination
A determination is made as to whether a transaction is conducted on behalf of a third party, and the required information is recorded when applicable. Staff must ask clients whether they are acting on behalf of another person or entity and, if so, collect and record details of the third party in accordance with the Regulations.
6. Reporting Obligations
The following reports are submitted to FINTRAC in accordance with prescribed timelines and formats:
- Suspicious Transaction Reports (STRs): filed when there are reasonable grounds to suspect that a transaction or attempted transaction is related to the commission or attempted commission of a money laundering or terrorist financing offence.
- Large Cash Transaction Reports: filed for cash transactions of CAD 10,000 or more (or the equivalent in foreign currency) received in a single transaction.
- Large Virtual Currency Transaction Reports: filed for virtual currency transactions equivalent to CAD 10,000 or more received in a single transaction.
- Casino Disbursement Reports: filed when CAD 10,000 or more in cash or virtual currency is disbursed to a client.
- Electronic Funds Transfer Reports: filed for incoming and outgoing international electronic funds transfers of CAD 10,000 or more, when applicable.
- Listed Person or Entity Property Reports: filed when property is held that is owned or controlled by a person or entity listed under the Criminal Code or United Nations Act.
- Reports related to suspected sanctions evasion: filed when transactions are detected that may be intended to evade sanctions.
The 24-hour rule is applied for Casino Disbursement Reports, Large Cash Transaction Reports, Large Virtual Currency Transaction Reports, and applicable Electronic Funds Transfer Reports. Under this rule, multiple transactions over a 24-hour period that are conducted by or on behalf of the same person or entity are aggregated and reported as a single transaction if the total meets or exceeds the reporting threshold.
7. Record-Keeping
Records are maintained in relation to:
- Client identification and verification
- Account opening and account holder information
- Transactions, including receipts, disbursements, and transfers
- Beneficial ownership determinations
- Third party determinations
- PEP and HIO determinations
- Ongoing monitoring and risk assessments
- Reports submitted to FINTRAC
Records are retained for the periods specified in the PCMLTFA and Regulations (generally five years from the date of the transaction or the closure of an account) and are made available to FINTRAC or other authorized authorities upon request.
8. Travel Rule
The travel rule is applied for certain electronic funds transfers and virtual currency transfers. When initiating or receiving such transfers, prescribed information (including originator and beneficiary details) is ensured to accompany the transfer or be made available to the receiving institution, as required by the Regulations.
9. Ministerial Directives and Sanctions
Ministerial directives issued under the PCMLTFA that impose additional or specific requirements on reporting entities are complied with. Clients and transactions are screened against sanctions lists and watch lists maintained by Canadian and international authorities, and appropriate action is taken when a match is identified.
10. Administrative Monetary Penalties
FINTRAC has authority to impose administrative monetary penalties (AMPs) on reporting entities, including casinos, for non-compliance with the PCMLTFA and Regulations. Reasonable steps are taken to ensure compliance and to avoid penalties, including through regular internal audits, staff training, and prompt remediation of any identified deficiencies.
11. Governance and Accountability
Senior management is responsible for ensuring that this policy is implemented effectively and that adequate resources are allocated to the AML / KYC compliance program. The compliance officer reports regularly to senior management and, where applicable, to the board of directors or ownership on the status of the program, emerging risks, and any significant compliance issues.
12. Policy Review and Updates
This policy is reviewed periodically and updated as necessary to reflect changes in legislation, regulation, FINTRAC guidance, and the internal risk assessment. Staff are notified of material changes and provided with updated training as required.
13. Contact
Questions regarding this AML / KYC policy or requests for clarification of any requirement should be directed to the compliance officer or management team at Elements Casino Mohawk.