2021 Regulatory Changes - iA's Position

iA Financial Group has updated its forms and electronic tools in order to comply with recent regulatory changes related to money laundering and the financing of terrorist activities. Among other things, these changes concern the identification of certain individuals.

Make sure you're using the most up-to-date forms by downloading them directly from the Documentation Centre in your Advisor Centre!

In short

Beneficiary identification

Non-registered savings contract

Payment of $10K or more to a beneficiary

Universal Life Insurance and iA PAR invested in funds

Payment of $10K or more to a beneficiary from an investment fund

The beneficiary must be able to confirm his or her identity.

The new F51-383A form (Identity confirmation and declaration form for a beneficiary or the estate on a claim) will allow the beneficiary to fulfill this obligation.

Identification of politically exposed persons (PEP)

Non-registered savings contract

Upon opening a savings contract of $100K or more
Subsequent lump-sum payment of $100K or more
Investment loan, regardless of the amount
Payment of $100K or more to a beneficiary

Universal Life Insurance and iA PAR

Upon signing an application for insurance in which a lump-sum payment of $100K or more is made
Subsequent lump-sum payment of $100K or more
Payment to a beneficiary of $100K or more from an investment fund

Questions have been added to clarify the source of the politically exposed person’s wealth (all assets).

All relevant forms, including F1A (Application for Insurance), F3A (Addition of Coverage), and F51-208A (Regulatory Information) as well as our electronic tools have been updated. The client’s signature is mandatory.

The new F51-383A form (Identity confirmation and declaration form for a beneficiary or the estate on a claim) will allow the beneficiary to fulfill this obligation.

Identification of a third-party payor

Universal Life Insurance & iA PAR

and

Non-registered savings contract

All relevant forms, including F51-208A (Regulatory Information) and our electronic tools have been modified to collect additional information concerning the third-party payor.

Company Resolution

The F51-312A form (Company Resolution) can be provided when a company resolution is requested to validate the names of the people authorized to sign.
A recent company resolution of the board of directors can also be sent.

Questions?

To learn more about these regulatory changes, refer to the training provided by your firm.

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