The Independent Financial Brokers of Canada (IFB) announced June 18 that it has launched a fully updated Anti-Money Laundering/Anti-Terrorist Financing course developed specifically for independent life insurance advisors.
“We developed the course because we see a need for programs like this which are targeted at helping independent advisors be compliant,” said IFB Executive Director, Nancy Allan,.
Self-assessment tool for advisors
The course includes two training modules, a revised AML/ATF Guidance Manual, a self-assessment tool for advisors, and customizable templates that enable advisors to create and maintain a FINTRAC compliance regime, says the IFB.
Allan underlines that independent life insurance licensed advisors must be able to demonstrate they are compliant in meeting their AML/ATF obligations and that even dual licensed advisors who rely on their dealer to provide a compliance regime for their securities business must have “a separate and complete compliance regime for their life insurance business…Advisors who are offside can face monetary penalties in the thousands of dollars,” she warned.
Six hours of CE credits
The IFB AML/ATF course is available on IFB Academy (ifb.smartdirect.ca) and offers 6 hours of continuing education credit. Under FINTRAC regulations, independent life insurance advisors are required to complete AML/ATF training on a regular basis, and to provide proof that this training has been completed if requested.