Under FINTRAC guidelines, identity must be ascertained for which products?

• A. Immediate or deferred annuity
• B. Non-exempt life insurance
• C. Both immediate/deferred annuity and non-exempt life insurance
• D. TFSA

Answer: (C)

Under FINTRAC guidelines, identifying the client is required when dealing with designated insurance products to curb money laundering and terrorist financing. These designated products include both immediate or deferred annuities and life insurance that is not exempt from verification. Verifying identity for these products helps ensure the contract is tied to a real, verified person and makes it harder to funnel illicit funds through long-term policies or large policies. The TFSA isn’t considered a designated insurance product under these rules, so it doesn’t fall under the same identity-verification requirement in this context. So, identity must be ascertained for both an immediate/deferred annuity and non-exempt life insurance.