EXPLORE PROGRAMS
Life insurance companies, brokers, and agents that sell investment or life insurance products with a cash value are reporting entities under the PCMLTFA. The combination of long product duration, ability to pay premiums in cash or by transfer, free-look and early-surrender features, and beneficiary designations creates a set of ML/TF risks unique to the sector. This training equips life insurance compliance officers, brokers, agents, and operations teams with the FINTRAC obligations specific to life insurance: client identification, beneficial ownership, PEP/HIO determinations, ongoing monitoring, and the suspicious transaction, large cash, and EFT reports that may apply. It also addresses provincial insurance council expectations on conduct of business and continuing education.
You will learn how PCMLTFA obligations apply to life insurance products, how to identify and verify clients (policyholders, beneficiaries, premium payers), how to apply beneficial ownership and PEP rules, how to recognize ML red flags such as early surrenders, third-party premium payments, and unusual premium-loading patterns, and how to file STRs and any applicable LCTRs and EFTRs.
Course Cost :
$100.00
