Regulatory status and oversight
How DevEdge is registered, which rules apply to us, and how our compliance program is organised and governed.
FINTRAC
Registered MSB
Registered with the Financial Transactions and Reports Analysis Centre of Canada.
PCMLTFA
Governing statute
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations.
AML/CTF
Written program
Board-approved policies and procedures built on a documented risk assessment.
KYC / KYB
Due diligence
Verification of every client entity, its directors and its beneficial owners.
PIPEDA
Privacy
Federal privacy law that governs how we handle personal information.
FATF
International standards
Our policies align with the recommendations of the Financial Action Task Force.
What registration means
DEVEDGE PAYMENTS LTD. is registered with FINTRAC as a money services business. As a registered MSB we must maintain an AML/CTF compliance program, report prescribed transactions to FINTRAC and keep records as the PCMLTFA requires.
FINTRAC registration is not a licence and is not prudential supervision. It does not mean that FINTRAC or the Government of Canada endorses our services.
FINTRAC money services businesses- Legal name
- DEVEDGE PAYMENTS LTD.
- Registration type
- Money services business
- Regulator
- FINTRAC
- MSB registration number
- N300001689
- Company number
- BC1579238
- Registered office
- 5780 Victoria Dr Unit #170, Vancouver BC V5P 3W7, Canada
AML/CTF framework
The program runs across the full client lifecycle, from the first enquiry to the end of the relationship and beyond, through record retention.
- Risk-based due diligence
- Basic, intermediate or enhanced review depending on the client’s risk rating.
- Enhanced due diligence
- Source of funds and source of wealth evidence, beneficial owner profiles and extended adverse media checks for high-risk clients.
- Sanctions and PEP screening
- Canadian sanctions, the Criminal Code list of terrorist entities, UN Security Council and OFAC lists, at onboarding and on an ongoing basis.
- Transaction monitoring
- Activity is monitored against the expected profile, and alerts are reviewed by the compliance team.
- Regulatory reporting
- Suspicious transaction, terrorist property and other prescribed reports are filed with FINTRAC where the law requires.
- Record keeping
- Records are kept for at least five years and can be produced to FINTRAC within 30 days of a request.
- Staff training
- Onboarding and compliance staff are trained every quarter on due diligence, red flags and reporting.
- Effectiveness review
- The program is reviewed at least every two years, with results reported to senior management.
Governance and oversight
Authority and responsibility are allocated in writing and documented in our Corporate Governance framework.
- Board of Directors
- Holds final responsibility for strategy, regulatory compliance and risk appetite, and includes at least one independent non-executive director.
- Compliance Officer
- Oversees all AML/CTF obligations, approves high-risk relationships, maintains contact with FINTRAC and reports directly to the Board.
- Executive management
- A small team covering operations, risk and information technology runs the business day to day under Board delegation.
- New product approval
- No product or service launches without Board approval and a documented risk assessment, including ML/TF exposure.
- Conflicts of interest
- Directors disclose conflicts in writing, they are recorded in a Register of Interests, and conflicted directors do not vote.
Restricted jurisdictions
We do not serve individuals, entities or businesses located in, incorporated in or otherwise connected with the following countries and territories.
- Afghanistan
- Belarus
- Cuba
- Iran
- Myanmar
- North Korea
- Russia
- Russian-occupied territories of Ukraine
- South Sudan
- Sudan
- Syria
- Venezuela
- Yemen
Links to jurisdictions that FATF identifies as having strategic AML/CFT deficiencies lead to enhanced due diligence and may lead to the relationship being declined. The list is kept under review.
Onboarding starts with a conversation
Every new relationship follows a written compliance procedure. Tell us about your payment flows and we will set out the next steps.