How often are reporting entities required to update client identification information for high risk clients?
The legislation requires a review of the assessment of the money laundering and terrorist financing risks for your business be carried out every two years, for the purpose of testing their effectiveness. Therefore, FINTRAC recommends that the high risk client identification information be reviewed and updated at least every two years to help make the risk assessment relevant, as risk levels may change over time. This does not mean that you have to re-identify the client. You can ask the client if their information is up-to-date or request an update through written correspondence with the client.
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- How often are reporting entities required to update client identification information for high-risk clients?
- How often are reporting entities required to update client identification information for high risk clients?
