Independent Financial Brokers of Canada (IFB) has launched a fully updated Anti-Money Laundering/Anti-Terrorist Financing course developed specifically for independent life insurance advisors, the Mississauga, Ont.-based association announced on Monday.
“We developed the course”, said IFB Executive Director, Nancy Allan, “because we see a need for programs like this which are targeted at helping independent advisors be compliant,” said Nancy Allan, IFB executive director, in a statement.
The course includes two training modules, a completely revised AML/ATF Guidance Manual, a self- assessment tool for advisors, and customizable templates so that financial advisors can create and maintain a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) compliance regime.
According to Allan, “Independent life insurance licensed advisors must be able to demonstrate they are compliant in meeting their AML/ATF obligations. Even dual licensed advisors who rely on their dealer to provide a compliance regime for their securities business is obligated to have a separate and complete compliance regime for their life insurance business”.
Penalties for non-compliance can be high, and FINTRAC actively audits life insurance advisors and agencies. “Advisors who are offside can face monetary penalties in the thousands of dollars”, she said.
The IFB AML/ATF course is available on IFB Academy (ifb.smartdirect.ca) and offers six hours of continuing education credit. Under FINTRAC regulations, independent life insurance advisors are required to complete AML/ATF training on a regular basis, and to provide proof that this training has been completed if requested.
The IFB AML/ATF course is offered at a cost of $200 plus tax, and IFB members receive a $50 discount.
Bulk pricing for groups of five or more is available for managing general agencies who would like to provide AML training to their contracted brokers.
On June 9, the Canada Gazette published the Department of Finance Canada’s second AML reg-ulatory package.
The proposed changes aim to strengthen Canada’s (AML regime by updating customer due diligence and beneficial ownership reporting requirements, and regulating businesses that deal in virtual currency.
The package is subject to a 90-day comment period, ending Sept. 7.