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BRIDGEFORCE | Compliance News (April 2013 Issue #4)

FINTRAC requires that every reasonable effort is made by Life Insurance Companies, MGA’s and brokers to obtain information and keep records related to:

  • Third party determination
  • Politically exposed foreign person (“PEFP”) determination
  • Beneficial ownership information for corporations and other entities
  • Not-for-profit information

Insurance companies are required to obtain this information however, it has come to our attention that some applications & change forms do not ask for these details.

As a courtesy to you and to ensure that you are meeting your compliance obligations, BridgeForce has created an AML records form.

We encourage you to use this form during the new business or policy change interview.

Our staff will attempt to verify all applications and policy changes.

Should these details be required, our staff will contact you by email.

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