On May 11, FINTRAC issued FAQs on politically exposed persons.
- FAQs regarding identification, treatment of politically exposed persons in Canada.
- Including for the heads of international organizations, and their family members.
- Follows FINTRAC Dec. 2016 guidance on politically exposed persons.
Overview
- Per legal requirements, Canadian financial institutions, life insurance providers,
securities dealers and money services businesses, must ask questions of clients. - Questions to determine if client, or certain family members or close associates,
are politically exposed persons in Canada, or head of international organization. - If criteria met, then must be considered as part of wider client risk assessment
to determine if client poses high risk for money laundering or terrorist financing.
