Are you aware of your personal AML/ATF obligations as a licensed insurance agent? Failure to understand your AML/ATF obligations can expose you to serious regulatory consequences.
All insurance agents or agencies in Canada are reporting entities under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and are required to:

• Establish a compliance program to ensure compliance with reporting, record-keeping and client identification requirements
• Follow rules regarding client identification and keep records regarding specific transactions
• Report to FINTRAC suspicious transactions, large cash transactions and information regarding terrorist property 

The elements of a compliance program required under the Act are as follows:

• Appointment of a compliance officer
• The development and application of written compliance policies and procedures
• The assessment and documentation of money laundering and terrorist financing risks for the business, along with steps to mitigate those risks
• An ongoing training plan, if the agent or agency has employees or others authorized to act on the agent or agency’s behalf
• A plan to review the compliance policies and procedures and your risk assessment, and a plan to test their effectiveness at least every two years

FINTRAC can issue an administrative monetary penalty (AMP) to reporting entities that are not compliant with the Act.  Criminal penalties may also be imposed where there is a failure to report suspicious transactions or a large cash transaction.

For more information or details regarding your obligations, we encourage you to visit the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) at www.fintrac-canada.gc.ca.  You will also find resources to assist you in preparing your own Policy & Procedure document on HUBLINK. 

Remember, 
Good Business is Compliant and Compliance Matters!