BRIDGEFORCE | Compliance News (November 2012)
Welcome to the BridgeForce Compliance Newsletter
At BridgeForce we are committed to providing you with the knowledge and education to help you the advisor maintain a compliant practice. The “Compliance” section of our website has posted many sites and valuable information. We will be sending out regular newsletters on “Compliance only items” & these communications will also be attached to our website.
Politically Exposed Foreign Persons
FINTRAC mandates that reasonable measures must be taken to determine if an individual who makes a lump-sum payment of $100,000 or more for an immediate or deferred annuity or a life insurance policy, for himself or herself or on behalf of a third party, is a politically exposed foreign person.
At BridgeForce we want to be sure that you the advisor has fully explained a “Politically Exposed Foreign Person” (PEFP).
You have a legal obligation to ask the client if they are a PEFP & you are required to explain what it means. For all applications, Investment or Non-Investment, regardless of the amount of the deposit we ask that you please complete the PEFP form & send us a copy with the application. Although we cannot mandate the use of this form we highly recommend that you implement it in your daily practice. Click here for the form.
Compliance Audio Presentations
Have you established a FINTRAC Compliant Practice?
BridgeForce is pleased to provide you access to the following Audio presentations from CLIFE Inc. at a reduced cost of 60%. (CLIFE, a Continuing Education Provider of insurance regulatory continuing education accreditation courses)
- Establishing a FINTRAC Compliant Practice | Coupon code: FINTRAC
- Requirements for a FINTRAC Compliant Practice | Coupon code: FINTRAC
- How to Survive a FINTRAC Audit | Coupon code: FINTRAC
- Sound Business Practices for Life Agents to Stay Compliant | Coupon code: PRACTICES
Simply go to http://www.clifece.ca, go to the “Catalogue”, and then click “Add to Cart” for the desired course or courses. Enter the coupon shown beside the above course and a 60% discount will be applied immediately. FINTRAC courses $7.98. Practices course $11.98. Any problems, questions or technical issues can be directed to tap@clifece.ca or 905-731-4646. They respond to requests the same day.
You will be required to answer 10 multiple choice questions with a pass mark of 60% to obtain your continuing education credit. Each FINTRAC course gives you 1 hour of CE accreditation & 2 hours for the Practices course.