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ARTICLE · 05 FEBRUARY 2008

Diligence Helps Combat Fiscal Fraud

Gowling WLG
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James Smith, Jim Smith and Jimmy Smith are all born on Aug. 27, 1962, and they are all engineers, but only one has been tried and found guilty of drug trafficking.

CanadaCorporate/Commercial Law
Ellen Bessner
Ellen Bessner
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Law requires ID of clients, but be sure to be precise

James Smith, Jim Smith and Jimmy Smith are all born on Aug. 27, 1962, and they are all engineers, but only one has been tried and found guilty of drug trafficking. How can advisors and dealers identify their clients and report any potentially politically exposed foreign persons ("PEFPs") to FINTRAC pursuant to obligations under the new Bill C-25 amended regulations to the Proceeds of Crime and Money Laundering and Terrorists Financing Act?

Dealers have been turning to suppliers of commercially prepared lists to compare client names in an attempt to identify PEFPs. However, they have found this exercise to be very time consuming, delaying the opening of client accounts, as they are bogged down with numerous "false positives" whene ver clients' names match names on commercial lists, which contain hundreds of thousands of names.

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