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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