Effective June 1 2021: ANTI-MONEY LAUNDERING AND ANTI-TERRORIST FINANCING OBLIGATIONS

Effective June 1 2021ANTI-MONEY LAUNDERING AND ANTI-TERRORIST FINANCING OBLIGATIONS Effective June 1, 2021, the Regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act were amended to clarify that when a life insurance broker is acting in the capacity of a Managing General Agent, it is not a reporting entity for the purposes of the Act, and is …

CRA’s Enhanced Financial Account Information Reporting (for both FATCA and CRS)

CRA’s Enhanced Financial Account Information Reporting (for both FATCA and CRS) This has been prepared to help clients and advisors of Canadian financial institutions understand Enhanced Financial Account Information Reporting. It should not be construed as tax, legal or financial advice.   For Insurance Advisors Enhanced Financial Account Information Reporting to CRA on Insurance and Annuity ContractsJune 5, 2017[PDF]   …

Summary of Anti-Spam Regulation

Summary of 2014 Anti-Spam Regulation Our summary below is not all-inclusive.  Given how new and untested this regulation is, expected to see guidance and industry compliance responses develop over time. Effective July 1, 2014, all commercial electronic messages (CEMs) that you or an Advisor send out (by email, text, some voice messages, for example) that are not exempt must include:  …

Manitoba Insurance Council: Guidance notes on sale of variable products

Guidance Notes to Licensees – Individual Variable Insurance Contracts The mandate of the Insurance Council of Manitoba is to act in the public interest to protect Manitoba consumers of insurance products, and to regulate insurance agents to ensure adequate standards are maintained for public protection. Consistent with this mandate, the Life Insurance Council of Manitoba has developed a broad outline …

Quebec Complaint-Handling Protocol

Name of MGA Quebec Complaint Examination and Dispute Resolution Policy Effective Date:  Purpose of the Policy The purpose of this policy is to set up a free and equitable procedure for dealing with complaints. It is also intended to provide oversight for the receipt of complaints, delivery of the acknowledgment of receipt, creation of the complaint file, transfer of this …

Compliance Guidance for Quebec Managing General Agencies MGAs

CAILBA Compliance Guidance for Quebec Managing General Agencies (MGAs) This guidance covers the unique requirements for MGAs doing business in Quebec under the Act respecting the Distribution of Financial Products and Services and its regulations (the “Act”) and other requirements imposed by the AMF.  It is to be read and used in conjunction with the CAILBA Compliance Toolbox, which covers …

AML-ATF Policies and Procedures Template

(NAME OF MGA) ANTI-MONEY LAUNDERING AND ANTI-TERRORISM FINANCING COMPLIANCE POLICIES AND PROCEDURES* Effective Date:   Revised on:   Risk Assessment Date:   Self-Assessments/Reviews:   Compliance Officer:   Signature of Board Secretary or Most Senior Officer Date:     *CAILBA Guidance on establishing an AML Compliance Regime is incorporated by reference in this document and forms part of our MGA’s compliance regime. Important Note:  The CAILBA …

AML-ATF Guidance Document

Table of Contents   Guidance on Establishing an AML-ATF Compliance Program *If you are viewing this material on a text editor, please hold ctrl when clicking on links to have them open The 5 Components of a Compliance Program Compliance Officer Job Description and Appointment Form Policies and Procedures Compliance Manual Template Table 1 – Methods to ascertain client identity …

Privacy Policy Template

PRIVACY POLICY  Our Commitment to our Advisors, our insurance suppliers and your customers: In order to provide Advisors and their customers with access to insurance products and services, we collect certain personal information about both, generally on behalf of our insurance providers.   Our commitment goes beyond meeting legal requirements for protecting personal information. The trust and confidence that our …