Deleted user
posted 3 years ago
In Canada, an MSB is required to verify the existence of an entity when they enter into a service agreement because the MSB is required to keep a Client Information Record on the MSB which triggers the existence verification. It seems rational 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. I was unable to find anything on it.
Fields:- Banking and Financial
- Corporate and Company
