table -top exercise on the key june 2017 aml updates with ......on the key june 2017 aml updates...
TRANSCRIPT
Table-topExerciseonthekeyJune2017AMLUpdateswithMattandGene
MatthewMcGuire [email protected]@TheAMLShopwww.amlshop.ca
GeneDiMira [email protected],CanadianDivisionDirector,ComplianceSharedServices(AML)
Inscope/Outofscope
TestingTodayAreyouready?
Identificationmethodsupdate
DomesticPEP&Close
Associates
Listenforthisintherestoftheconference
ReasonableMeasures
Affiliates&Risk
Rules•Pleaseputyourphonesdown•Fourquestionsateachtable(2each)• Itisonly30minutes,sopleaseputyourphonesdown
IDRound
•Twoquestionsonthechangestoidentificationforeachtable
• Tablesdonothavethesamequestion!
PEPRound
•Twoquestionsonthechangestopoliticallyexposedpersonrulesforeachtable
• Tablesdonothavethesamequestion!
Table-topExercise
YounowhavetheoptionataccountopeningtouseahandwrittenORelectronicsignatureandsignaturecard,whatareexcludedfromtheconstraints?
A)Theelectronicsignaturemustbeuniquetotheclient;B)TheelectronicsignaturecanbeaPINoraPasswordorevenaBiometicmeasure(butnota“ClientAccept”button);C)IdentificationbymeansofanelectronicsignaturemustbedemonstrabletoFINTRAC(butthereisnoneedtounencrypttheidentifierforthem)D)canincludefacialrecognitionoverFacebook.
ID#1
ViewResults
YounowhavetheoptionataccountopeningtouseahandwrittenORelectronicsignatureandsignaturecard,whatareexcludedfromtheconstraints?
A)Theelectronicsignaturemustbeuniquetotheclient;B)TheelectronicsignaturecanbeaPINoraPasswordorevenaBiometicmeasure(butnota“ClientAccept”button);C)IdentificationbymeansofanelectronicsignaturemustbedemonstrabletoFINTRAC(butthereisnoneedtounencrypttheidentifierforthem)D)canincludefacialrecognitionoverFacebook.
D)Facialrecognitionandbiometricsarediscussedintheguidance,howeveryouneedtohaveanagreementwitheachproviderandaclearmethodonhowtomakethiswork.
ID#1
WhencheckingaphotoIDforaclient,whatisnotanAMLrequirement?
A)TheidentificationmustnotbeexpiredB)TheidentificationmustbearthelikenessoftheapplicantC)TheidentificationmustnotbeviewedoveraskypecallD)Theidentificationmustbephotocopiedorscannedforrecord-keepingpurposes
ID#2
ViewResults
WhencheckingaphotoIDforaclient,whatisnotanAMLrequirement?
A)TheidentificationmustnotbeexpiredB)TheidentificationmustbearthelikenessoftheapplicantC)TheidentificationmustnotbeviewedoveraskypecallD)Theidentificationmustbephotocopiedorscannedforrecord-keepingpurposes
D)PhotocopiesofIDmayberequestedforsecuritiesaccountsbythetaxareatomeetUSIRSrules,butnotforAML!
ID#2
From our friends at the Privacy Commission: In some situations, you may need to see or even record a customer’s identity document information to fulfill your organization’s legal obligations or for its business purposes. However, do not make a copy of an identity document unless it is required by law or it is needed for a legitimate business purpose.
EffectiveJune30th,2017,whichofthefollowingcannotbeusedonitsowntoascertainaclient’sidentity?
A)AnacceptableCanadianPhotoIDmustbeissuedbyaFederal/Provincial/TerritorialgovernmentB)Dualrecordoption*usingtwooriginalrecordsfromreliablesources(*Condenseddescription)C)Acreditfilewithfouryearsofhistorythatmatchestheclientsname,dateofbirthandaddressD)Aclearedcheque fromaCanadianfinancialinstitution.
ID#3
ViewResults
EffectiveJune30th,2017,whichofthefollowingcannotbeusedonitsowntoascertainaclient’sidentity?
A)AnacceptableCanadianPhotoIDmustbeissuedbyaFederal/Provincial/TerritorialgovernmentB)Dualrecordoption*usingtwooriginalrecordsfromreliablesources(*Condenseddescription)C)Acreditfilewithfouryearsofhistorythatmatchestheclientsname,dateofbirthandaddressD)Aclearedcheque fromaCanadianfinancialinstitution.
D)Whileaclearedcheque isnicetohave,itisonlypartoftheDualRecordoptioninthesemodels.
ID#3
WhichofthefollowingoptionsisacceptableundertheDualRecordmethod?
A)Twodifferent“Reliable”sourceswhichareoriginal,validandcurrentB)TwoaccountstatementsfromonefinancialinstitutionC)FaxedcopiesoftwopiecesofIDD)FacialrecognitionoverFacebookandaLinked-Inprofile.
ID#4
ViewResults
WhichofthefollowingoptionsisacceptableundertheDualRecordmethod?
A)Twodifferent“Reliable”sourceswhichareoriginal,validandcurrentB)TwoaccountstatementsfromonefinancialinstitutionC)FaxedcopiesoftwopiecesofIDD)FacialrecognitionoverFacebookandaLinked-Inprofile.
A)TimetoreadtheFINTRACIdentificationguidanceappendixifyouareansweringanythingelse
ID#4
WhatisnotachangecomingintoeffectJune17th,2017?
A)ThedefinitionofPoliticallyExposedPersonsisexpandedtoincludebothdomesticandforeignPEPsB)Amayor’swife’smistresswouldnowbeincludedinthePEPdefinitionas“CloseAssociates”C)ThedefinitionofajudgeisnowlimitedtotheSupremeCourtsandAppealsCourtjudgesD)FinancialInstitutionsarerequiredtotreatallPEPsashighrisk.
PEP#1
ViewResults
WhatisnotachangecomingintoeffectJune17th,2017?
A)ThedefinitionofPoliticallyExposedPersonsisexpandedtoincludebothdomesticandforeignPEPsB)Amayor’swife’smistresswouldnowbeincludedinthePEPdefinitionas“CloseAssociates”C)ThedefinitionofajudgeisnowlimitedtotheSupremeCourtsandAppealsCourtjudgesD)FinancialInstitutionsarerequiredtotreatallPEPsashighrisk.
D)TheriskofdomesticPEPsandheadsofinternationalorganizationscanbedeterminedbythefinancialinstitution.
PEP#1
Whichclientisnotapoliticallyexposedperson?
A)Manitoba’sLieutenantGovernorB)JusticeofthePeaceC)CurrentMayorofSudburyD)PastPrimeMinisterBrianMulroney
PEP#2
ViewResults
Whichclientisnotapoliticallyexposedperson?
A)Manitoba’sLieutenantGovernorB)JusticeofthePeaceC)CurrentMayorofSudburyD)PastPrimeMinisterBrianMulroney
D)AsofJune17th,aJusticeofthePeaceisnotwithinthedefinitionofaJudgeforthepurposesofPEPdetermination.Thebusinessrelationshipsofpersonswithpoliticiansareaconsiderationinyourdeterminationaspertheguidance.
HowLongisSomeonePEPy?• PEFP– Forever• PEDP– 5yearsà howeverconsideriftheyarea“closeassociate”• HIO– WhileinOffice
PEP#2
The“HeadofanInternationalOrganization”isnowaPEPandthisincludes
A)ThepresidentofFIFAB)TheCEOofCoca-ColaC)TheUnitedNationsSecretaryGeneralD)TheheadoftheCanadianOlympicCommittee
PEP#3
ViewResults
The“HeadofanInternationalOrganization”isnowaPEPandthisincludes
A)ThepresidentofFIFAB)TheCEOofCoca-ColaC)TheUnitedNationsSecretaryGeneralD)TheheadoftheCanadianOlympicCommittee
C)Internationalorganizationsaredefinedasorganizationsthataresetupbytwoormorecountriesbyatreaty.Thereareanestimated300internationalorganizationsfoundbyresearchers,withmanyoftheseaffiliatedwiththeUnitedNations,NATO,InternationalMonetaryFund.
PEP#3
WhichfamilymemberofanAmbassadorisnotaPEP?
A)Brother-in-lawB)LegallyadoptedsonC)Common-lawpartnerD)Sister
PEP#4
ViewResults
WhichfamilymemberofanAmbassadorisnotaPEP?
A)Brother-in-lawB)LegallyadoptedsonC)Common-lawpartnerD)Sister
A)WithinthePEPdefinitionsintheregulations,abrother-in-laworsister-in-lawisnotincludedinthedefinition,howeveratthediscretionofthefinancialinstitutionorinsuranceadvisor,theycanassessthepersonasa“closeassociate”withapersonalrelationshiptothepoliticalperson.
PEP#4
BonusRound
Whichofthefollowingwouldinvalidateanagentormandataryidentification?
A)NoagreementwiththeagentormandatarytorelyontheiridentificationB)Themandatarybeingtheclient’smother-in-lawC)TheagentormandatoryusingthedualmethodD)Theagentnottakingsuspicioustransactiontraining
BonusRound
ViewResults
Whichofthefollowingwouldinvalidateanagentormandataryidentification?
A)NoagreementwiththeagentormandatarytorelyontheiridentificationB)Themandatarybeingtheclient’smother-in-lawC)TheagentormandatoryusingthedualmethodD)Theagentnottakingsuspicioustransactiontraining
A)Theremustbeapre-existingagreementforrelianceonanagentormandatarytobeeffective.
BonusRound
HowdoIhavetodetermineifmyclientisapoliticallyexposedperson(PEP)?
A)AskthemthequestionB)Scantheirnameagainstadatabaseandthencomparethematchinginformationtotheclient’sfileC)Checktoseeiftheiroccupationis“politician”inawaythatmatchesthedefinitionD)Although(a)and/or(b)aretheminimum,somehowCsnuckintheretoo!
BonusRound
ViewResults
HowdoIhavetodetermineifmyclientisapoliticallyexposedperson(PEP)?
A)AskthemthequestionB)Scantheirnameagainstadatabaseandthencomparethematchinginformationtotheclient’sfileC)Checktoseeiftheiroccupationis“politician”inawaythatmatchesthedefinitionD)Although(a)and/or(b)aretheminimum,somehowCsnuckintheretoo!
D->Askyourfriendlyregulatoraboutthisone…
BonusRound
WhendoIhavetodetermineifmyclientisapoliticallyexposedperson(PEP)?
A)Foranyapplicationforaninsuranceinvestmentsnon-registeredpolicyorpermanentlifepolicywithasideaccountfeatureB)Forthosecontributing$100,000lumpsumormoreintoalifeinsurancecontractC)ForallmysecuritiesandbankingclientsD)Foranyclientswhotellmethattheiroccupationis“politician”regardlessofproduct
BonusRound
ViewResults
WhendoIhavetodetermineifmyclientisapoliticallyexposedperson(PEP)?
A)Foranyapplicationforaninsuranceinvestmentsnon-registeredpolicyorpermanentlifepolicywithasideaccountfeatureB)Forthosecontributing$100,000lumpsumormoreintoalifeinsurancecontractC)ForallmysecuritiesandbankingclientsD)Foranyclientswhotellmethattheiroccupationis“politician”regardlessofproduct
B->Theinsurancerequirementisforthecontributorofthefundsinalumpsumforpoliticallyexposedpersons.Requestingaclient’sPEPstatusatpolicyopeningisnotrequired,howeveraoptionsomeorganizationsmayconsider.Securitiesandbankingclientrequirementsarefornon-exemptproductsataccountopeningandperiodicallythereafter.(D)isagoodideaforall,especiallyforBank/Securitiesnon-exemptproductholderstomeetthe“detectsafact”requirements.
BonusRound
Thankyou!