This is a follow up post from my…
This is a follow up post from my original from five months ago, further supporting a rating of one. Incoming EFTs to VBE (seller) are not a problem. However, outgoing EFTs most definitely are. Their security protocol is provably non-compliant with the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA), supposedly enforced by the Financial Tracking Activity Center (FINTRAC). These violations include sections 4.1a, 4.1b, 145, and 148.
The PCMLTA obligates any such designated non-financial businesses that initiate an outgoing EFT (gov photo ID, DoB, address, wiring instructions => account required) to verify and record the identity of the recipient (4.1a) for 5 years. FINTRAC agents are aware of this, but not only fail to enforce these sections, but also failed to advise VBE of these violations. I know this because the owner of VBE has threatened to sue me in small claims court, unless I withdraw the “slander and defamation” in my initial post, which are simply statements of fact. Unfortunately VBE is not alone in this non-compliance, as many clients (businesses and individuals) of other designated non-financial entities have lost many millions via business email compromise (BEC) due to this regulatory gap.