Foreign Exchange
Preparation for transparent foreign exchange services supported by documented rates, settlement controls and reconciliation.
Canadian payment services preparation
Modern payment services with a compliance-first foundation.
FINCROSS PAYMENTS LTD. is building a professional financial technology platform for foreign exchange, money transferring, virtual currency and payment service provider activity in Canada. The company is focused on secure operations, clear governance and responsible financial crime controls from the outset.
Service areas
Focused financial technology services.
Fincross is preparing a controlled operating model across the following service areas.
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Money Transferring
Preparation for domestic and international money transfer activity with appropriate customer due diligence and transaction monitoring.
Virtual Currency
Assessment of virtual currency activity with enhanced controls for wallet flows, blockchain risk, sanctions and source of funds.
PSP Activity
Assessment of retail payment functions, operational risk, incident response and safeguarding where end-user funds are involved.
Prepared before launch, not after.
Fincross is taking a measured approach by preparing its governance, compliance, registration and operating framework before offering regulated services to customers.
FINTRAC MSB registration and Bank of Canada PSP/RPAA registration are separate processes and are assessed separately within the company’s readiness plan.
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AML/ATF program
Policies and procedures for customer due diligence, enhanced due diligence, screening, transaction monitoring, reporting, record keeping and training.
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Regulatory readiness
Clear distinction between MSB registration, PSP registration, payment services activity and virtual currency risk assessment.
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Bank onboarding support
Corporate, governance, business model and compliance documents prepared in a format suitable for financial institution review.