Client identity verifications must be thorough and carried out in accordance with the rules. Here is a useful reminder of the methods to use to comply with the law and detect certain indicators of money laundering.
Why verify clients’ identities?
Verifying clients’ identities enables us, among other things, to combat money laundering, fraud and suspicious financial activities. In addition to protecting iA Financial Group, compliant verification protects you as an advisor. Non-compliance in this area may even expose us to significant penalties.
Two verification methods
- In-person: Requirement → Photo ID issued by a competent authority
- Remote: Dual-process requirement → Two documents from different sources
Every iA form concerned contains sections reserved for identity verification with clear instructions. Be sure to record all required information.
Document to keep for reference
The Compliance and Risk Management Team has prepared this very detailed document for you.
The document also lists indicators of money laundering that could alert you to possible irregularities (e.g., a client expressing a strong sense of urgency and asking for things to be done quickly).
Thank you for your cooperation.
