 Changes to Anti-Money Laundering (AML) regulations for Sun Life Segregated Funds Dear Advisor,
On February 1, 2014, changes to the regulations governing anti-money laundering (AML) requirements will come into effect. As a result of these changes, life insurance companies, banks, securities dealers, trust companies, life insurance agents, distributors and other organizations are required to enhance their current AML reporting processes.
The main regulatory changes include: | • | Determining every individual/party that has an ownership interest in the entity applicant | | • | The purpose and intended use of the product applied for | | • | For Formal Trust policies – Trust beneficiaries and trust settler information | | • | For Estate policies – Estate beneficiaries information | | • | Parent company information |
CI Investments Inc. ("CI"), as the manager of the SunWise Essential Series 2 issued by Sun Life Assurance Company of Canada ("Sun Life"), is required to collect and maintain additional client information.
Effective February 1, 2014, the new CI Anti-Money Laundering Identity Verification Supplement Form dated February 2014 must be submitted when establishing the following new SunWise Essential Series 2 contracts: | • | Entity type applicants (i.e. Corporations, Partnerships, Trust, Estate, etc.) | | • | If a third party is involved (i.e. In Trust For, Power of Attorney, etc.) | | • | If the applicant or any close relative is a politically exposed foreign persons (PEFP). |
This updated form (when required) is submitted alongside SunWise Essential Series 2 applications dated October 2013 as part of the account set-up documentation. If the old version of the form is received and dated February 1, 2014 or later, it will be rejected and the new updated form will be required.
A copy of the new form can be ordered online as of January 31, 2014 at www.ci.com/orderform. In addition, an AML instructional sheet that summarizes the AML form requirements for various non-registered policy types will be available on AdvisorOnline or on ci.com.
If you require any additional information regarding the above, please contact CI Client Services at 1-800-563-5181.
Thank you for your continued support.
Sincerely, | CI Investments | Sun Life Assurance Company of Canada |
|
Printer-friendly version
PDF version
