1. Our obligations
As a money services business registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), MaxMerit complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations. We maintain a written compliance program, a designated compliance officer, ongoing staff training and an independent review every two years.
2. Know your customer
We verify the identity of every customer before completing an exchange at or above the thresholds set by law, and sooner where risk indicates. Verification uses government issued photo identification, and for business customers the identity of the business and its beneficial owners. We screen customers against sanctions and politically exposed person lists.
3. Monitoring and reporting
Transactions are monitored for unusual patterns, structuring and other red flags. We file large cash transaction reports, large virtual currency transaction reports and suspicious transaction reports with FINTRAC as required, and we keep the records the law requires for at least five years.
4. Restricted jurisdictions and refusal
We do not serve customers in sanctioned jurisdictions or where we cannot meet our obligations. We may refuse, delay or freeze an exchange, request additional information, or end a relationship when required by law or by our risk assessment, without being obliged to give reasons.
5. Partners
Businesses that integrate MaxMerit through our widget or API are onboarded only after review. Identity verification, monitoring and reporting for exchanges made through a partner remain MaxMerit's responsibility; partners never hold customer funds or documents on our behalf.
6174 Yonge St., North York, ON M2M 3X1 · 647-848-4842 · info@maxmeritexchange.com
MaxMerit Exchange Inc. is incorporated under the laws of Ontario, Canada (OCN 0000000000) and is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB), registration no. M00000000.