1. INTRODUCTION
WHAT IS FINTRAC

2. Every country in the world, perhaps with a few notable exceptions, is engaged in finding ways to protect the legitimate financial system from those who would abuse it—finding ways to detect and deter and prevent money laundering and terrorist activity financing. When it comes to deterrence and prevention, the work that FINTRAC does to ensure compliance with the law strives to keep illicit funds from entering the legitimate Canadian financial system. This involves ensuring that proper records are kept, that identification is obtained, that risks are being assessed and the other elements of a compliance regime are in place. All the entities that make up Canada's financial system have a stake in ensuring that the level of deterrence is high. Life insurance companies have a stake in this too. When it comes to detection, FINTRAC's intelligence assists investigations, and it assists prosecutions. Financial Intelligence sheds light on the transactions that can be related to criminal activity. It assists investigators in making decisions about where to seek evidence, who to include or exclude as part of the investigation, how the targets are connected and where the assets may be hidden. There are specific legislative requirements under the PCMLTFA -Proceeds of Crime (Money Laundering) and Terrorist Financing Act – that apply to life insurance companies, brokers and independent agents.

3. Resposibilities of entities in the life insurance industry
Agents
Agencies
MGA’s

4. Our responsibilities as Insurance Agents
- Appointment of Compliance Officer
- Written Compliance Policies and Procedures
- Risk assessment and mitigation
- Review
- Reporting
- Compliance system
- Training

5. Appointment of Compliance Officer
Formal appointment required

6. Written Compliance Policies and Procedures
Updated and reviewed yearly
Physical copy highly recommended

7. Risk assessment and mitigation
Used to be a template; new requirement require an essay commenting on risk factors specific to your operation

8. Review Required yearly
Formal findings report required as part of the updated written policies and procedures

9. Reporting
Formal findings report required as part of the updated written policies and procedures

10. Compliance system
Can refer to CF compliance system, must be explicit specified in the policies

11. Training
Can refer to CF training system, must be explicit specified in the policies
Record of attendance required