Declarations Required When Opening A Membership or Account

On June 23, 2008 the Legislative Changes to The Proceeds of Crime (Money Laundering) and Terrorist Financing Act came into affect. These changes to legislation were introduced by the Government of Canada with the passing of Bill C25 in 2008.

The Legislative Changes to The Proceeds of Crime (Money Laundering) and Terrorist Financing Act require all Canadian financial institutions to collect additional information when a membership or an account is opened, including:

  • Whether the person opening a membership is a Politically Exposed Person or whether they are related to a Politically Exposed Person
  • The intended use of an account
  • Whether the account is being opened for or will be used by a third party.

About the legislation

For more information about this legislation visit the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) website at www.fintrac.gc.ca. FINTRAC is the government agency responsible for legislation relating to money laundering and terrorist financing.

Politically Exposed Person Declaration

A Politically Exposed Person is an individual who holds or has held one of the following offices or positions in or on behalf of a foreign state (national, state, municipal), or who is related to an individual who has held these offices or positions:

  • Judge
  • Head of state or head of government
  • Member of the executive council of government or a member of a legislature
  • Deputy minister or equivalent rank
  • Ambassador or attaché or counsellor of an ambassador
  • Military officer with a rank of general or above
  • President of a state owned company or a state owned bank
  • Head of a government agency
  • Leader or president of a political party

Individuals who are related to a Politically Exposed Person in the following manner must also declare this relationship when applying for membership:

  • Spouse
  • Common-law partner
  • A child
  • Mother or father
  • The mother or father of a spouse or common-law partner
  • Siblings and step-siblings

Declaring your intended use of an account

When opening a new account at Westminster Savings all members are required by law to declare what the account is intended to be used for.

By law Westminster Savings cannot open an account without this declaration.

Third Party Declaration

When opening a new account at Westminster Savings all members are required by law to declare whether the account is being opened for or will be used by a third party.

By law Westminster Savings cannot open an account without this declaration.

Act Now! What does this mean for you?

All members of Westminster Savings Credit Union, including members who have declared their status as a Politically Exposed Person, can continue to expect the same high level of service when opening and using accounts.

However, the federal government does require that we identify Politically Exposed Persons and their relations according to the the Legislative Changes to the Proceeds of Crime (Money Laundering) & Terrorist Financing Act.

 

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