FINTRAC

Instructions

1. Read and research FINTRAC Guideline 6 on ?Record keeping and Client Identification?. This guideline may be found on the website for FINTRAC at www.fintrac.gc.ca… Look under the ?Guidelines? guideline 6.

2. Write a brief summary or report on ?Record Keeping and Client Identification? for one of industries that are referred to in Guideline 6 (but not Guideline 6-G which is for Financial Entities). For example, you may choose?

?Life Insurance Companies, Brokers and Agents (Guideline 6A)
?Money Services Business (Guideline 6C)
?Any other industry but NOT Financial Entities
3. Your summary or report should include:

? What are a company?s obligations for record keeping and client identification
? What records are to be kept
? When and how to identify clients
? Any exemptions to reporting that might exist for that industry

4. In doing your essay or report, please use practical examples and references to transactions that would normally occur in the industry you have chosen. For example: if you have chosen the ?Life Insurance Industry?, you may refer to transactions that involve the purchase of a life insurance policy or annuity; if you have chosen the ?Financial Entities? industry, you may refer to transactions that involve the opening of an account or electronic funds transfers; if you have chosen the ?Money Services? industry you may refer to foreign exchange transactions.

5. Your essay or report should be (approximately) between 250 and 400 words, and no more than 2 pages.

6. The purpose of the assignment is to ensure you have a foundational understanding of the key responsibilities for Money Laundering and Terrorist Financing.