BRIDGEFORCE | Compliance News (November 2012 Issue #2)

Compliance – Know Your Obligations

Proceeds of Crime (Money Laundering) & Terrorist Financing Act & Regulations | PCMLFTA

You are required to set up a compliance regime. It is not an option. Many advisors have been and continue to be audited by FINTRAC.

In Early November we sent you access to CE Credit approved AUDIO presentations from CLIFE (See below).

The Act makes it mandatory for life insurance advisors to have an “overview” & “knowledge base” to exercise judgment in carrying out their obligation to report suspicious activity related to a money laundering or terrorist financing offence.

PCMLFTA requires you to:

1. Name a Compliance Officer;
2. Assess & Document the money laundering and terrorist financing risks your business faces;
3. Develop details, auditable compliance policies and procedures for record-keeping and reporting;
4. Review the effectiveness of your compliance program’s controls at least every 2 years;
5. Provide compliance training to your staff and create a written, forward looking compliance training plan.

Failure to implement a compliance regime – up to 5 years in jail and / or a fine of up to $500,000 (s.74 of the Act).

Click here for the AML Guidance Manual.

BridgeForce strives to provide you with the tools you need to manage your practice.

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.