0

I hope the question in the title lends itself to an answer. In case more clarification is required, please do not hesitate to comment below.

Some background: In Canada, an MSB is required to verify the existence of an entity when they enter into a service agreement because it is then that the MSB is required to keep a Client Information Record on the MSB which triggers the existence verification. (See last question here: https://www.fintrac-canafe.gc.ca/guidance-directives/overview-apercu/FINS/2-eng?s=7)

It seems natural to me that The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) should have a requirement of when to have a service agreement because otherwise one is under no obligation to perform the existence verification or obtain beneficial ownership which is important to prevent Money Laundering and Terrorist Financing. But I was unable to find anything on it.

Improve this question
7
  • 1
    How does a Main Switch Board (MSB) enter into agreements? It’s a piece of electrical equipment. If you use acronyms you have to tell us what they mean - we all have different backgrounds and come from different parts of the world - your acronym and mine are different.
    – Dale M ♦
    Apr 28, 2020 at 21:20
  • @DaleM Haha. A wake up call that I should not use acronyms without introducing them. Let me edit it.
    – jaspreet
    Apr 28, 2020 at 22:35
  • @DaleM My apologies.
    – jaspreet
    Apr 28, 2020 at 23:01
  • 1
    you’ve still left us with an unexplained FINTRAC and ML/TF
    – Dale M ♦
    Apr 29, 2020 at 0:50
  • 1
    @RodrigodeAzevedo generally, when the law is at stake, we prefer not to guess.
    – Dale M ♦
    Apr 29, 2020 at 3:35

0

Reset to default

You must log in to answer this question.