Protecting your Practice: Are you Complying with your Regulatory Obligations?

The industry is changing, but is your practice keeping up? Be your own compliance officer and keep your insurance offerings up-to-date with regulatory obligations and insurance carrier policies.

Advisors are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. As required under the Act – which has been in place since October 2000 – an advisor must have an anti-money laundering (AML) compliance regime in place to meet with reporting, record keeping and client identification requirements. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is an active regulator responsible for auditing advisors to ensure compliance with the Act. Advisors who are audited and found to have no policies in place could be subject to heavy fines.

The required elements of an AML Compliance Regime are:

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