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  • On-going Monitoring

    • FC-2.2.10

      Insurance licensees must take reasonable steps to:

      (a) Scrutinize transactions undertaken throughout the course of that relationship to ensure that transactions being conducted are consistent with the Insurance licensee's knowledge of the customer, their business risk and risk profile; and
      (b) Ensure that they receive and maintain up-to-date and relevant copies of the identification documents specified in Chapter FC-1, by undertaking reviews of existing records, particularly for higher risk categories of customers. Insurance licensees must require all customers to provide up-to-date identification documents in their standard terms and conditions of business.
      Amended: October 2017
      Amended: January 2007

    • FC-2.2.11

      Insurance licensees must review and update their customer due diligence information at least every three years, particularly for higher risk categories of customers. If, upon performing such a review, copies of identification documents are more than 12 months out of date, the insurance licensee must take steps to obtain updated copies as soon as possible.

      Amended: October 2017