Legislations & Regulations Flashcards
other important regulations impacting Dealing Representatives are…..
*Anti-Money Laundering (AML)
*Privacy (PIPEDA)
*The Do Not Call List (DNCL)
AML, PEPEDA, & DNCL impact ………,………., and……….
*how to interact with your clients
*what kind of information to collect
*certain reporting requirements
………… provides Dealing Representatives with more detailed information and their responsibilities
compliance department
PCMLTFA is the abbreviation of ………
proceeds of crime (money laundering) and terrorist financing act
what is PCMLFTA?
it’s an act to combat the laundering of money and financing of terrorist activities
PCMLFTA is a ………
legislation
why is PCMLTFA is introduced?
*to help detect and deter the money laundering and financing of terrorist activities
*to provide law enforcement officials with tools to investigate and prosecute money laundering and financing of terrorist activities
*response to Canada’s International commitments, participate in fighting against multinational crime
PIPEDA implements ……… and ………… for ………….. which are being used for money laundering and financing of terrorist activities.
reporting
other requirements
entities susceptible
The entities susceptible includes…..
*financial entities
*life insurer
*money services businesses
*business related with real estate
*securities dealers
*those dealing with precious stones/metal, or casinos
FINTRAC is the abbreviation of …….
Financial interactions and reporting analysis centre of Canada
FINTRAC is a …………
Canada’s financial intelligence unit
FINTRAC …..,……, and ……….to detect and deter money laundering and financing of terrorist activities
collects
analyzes
disclose the information
FINTRAC mission is to help in ………., and ………..
public safety
integrity of Canada’s financial system
What is money laundering?
Money laundering is any act intended to disguise the source of money, derived from criminal activities outside or inside of Canada
process of money laundering is as follows. Dirty money is transformed into ……….. by making its …………………, and integrating it into …………..
when the money enters the financial system. it is usually kept in …………. and used to buy …………
clean money
criminal origin hard to trace
legitimate economy
cash accounts
securities
terrorist financing ………. terrorist activities
funds
terrorist groups try to ………. the link of …………
obscure
funding sources
main primary source of financing of terrorist activities are ………
*countries, organizations, individuals
*revenue-generated activities
main responsibilities of Dealing representative under PCMLTFA are to …….
*record-keeping
*confirm client’s identity
*identify politically exposed foreign person
*report to FINTRAC
As a Dealing Representative, you must ………your dealer of ……… and ………………. and other …………
Then, the dealer must report ………. to ………
advise
completed and attempted suspicious transactions
other financial transactions
suspicious transactions
FINTRAC
FINTRAC provides guidelines of ………….. and provides instructions of …………..
how to file reports
when to file reports
Investment ………., ………. managers, …….. dealers must keep these records:
counselor
portfolio
securities
*large cash transaction records, cash transactions of $10,000 or more
*account-related records, account opening records and clients statements
*other records, records designated by your compliance departments such as the records of suspicious transactions
Records must be presented to FINTRAC within ……………. of request to ……. them
30 days
examine
who must confirm the client’s identity?
Dealing Representatives and their employer
when the client’s identity must be confirmed?
*when a client conducts a large cash transaction if you can’t recognize a client
*when a client conducts or attempt to conduct a suspicious transaction
*opening non-registered accounts
*when an individuals is authorized to give instruction for the account about which you should keep record
the individuals identity can be confirmed through …….
*his/her north certification
*passport
*record of landing
*social security number
*driver’s license
*old age security card
*permanent resident card
*provincial identification card
*certificate of Indian status
*other certificates
the documents for identification purposes can be …….. or …………
Canadians
foreign equivalents
In …….., ………, and …….., health card are not allowed to be used for identification purposes
Ontario
Manitoba
PEI
In ……… you are not allowed to ask client’s health card for identification purposes, unless they volunteers to use it for identification purposes
Quebec
At the time of opening the account, if you can identify clients, you may ……………, but you are not allowed to …………….. till when the client identity can be confirmed
accept initial deposit
carry out any further transactions
If a client is …….. or ……… to provide …….. information for identification purposes, you must ……….
evasive
unwilling
adequate
inform your compliance department
you are considered politically exposed foreign person, if you or your immediate family hold/held these positions:
*head of state or government
*deputy minister
*military general
*president or leader of political party in a legislator
*president of state-owned bank or organization
*head of government agency
*ambassador or ambassador of attache or counsellor
*member of an executive council or legislator
*judge
