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NEW Anti-Money Laundering (AML) / Anti-Terrorist Financing (ATF) Regulation (fran├žais)

Effective February 1, 2014, the Government of Canada has implemented changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Regulations with the aim of bringing Canada's AML/ATF regime more in line with international standards.

WHAT'S CHANGING

Advisors will be required to collect information related to:

  • Purpose of the insurance.
  • More detailed information on the source of funds used to purchase the policy.
  • More detailed information when submitting an application for an entity (corporate/non-corporate entity).

PROCESSING YOUR APPLICATION

To comply with these new regulations, the following new forms have been posted on EquiNet for printing.

NEW FormsWhen to use this formWhere to find the form
Business Information #594
  • Use this form to collect additional information on policy owners that are a business. This includes Corporations, Sole Proprietors, Partnerships, Not for Profit entities, etc.
Available on EquiNet February 1st.
Third Party #31
  • Use this form to collect information when a third party is identified (e.g. someone other than the owner is paying premiums, a power of attorney is involved, etc.). This form is used for third party individuals, as well as third party businesses or entities.
Available on EquiNet February 1st.
Updated Customer Information #1027
  • Use this form to collect information not contained in the application, specifically:
    • Politically Exposed Foreign Person is identified
    • If Equitable Life requests that the following information be obtained (a) Source of Funds, (b) Purpose of the Policy or (c) Verification of Identity
  • This form is required when a policy change is requested.
Available on EquiNet February 1st.

Please note that after February 1st, 2014 form # 345 which was previously used for collecting additional information will not be accepted.

The following forms have been updated to include the new AML changes:

REVISED formsWhen to use this formWhere to find the form
Savings and Retirement application forms The following applications are being updated to include the AML changes:
  • # 1384 Pivotal Select Application
  • # 799 Guaranteed Interest Account Application
  • # 355 Payout Annuity Application
You may continue to use previous versions of the applications provided that the "Purpose of Policy" section in form # 1027 is completed and submitted with the application.
Supply department:
  • English: Available on March 5th.
  • French: Available on March 26th.
Printing from EquiNet:
  • # 1384: Available on February 1st.
  • # 799: Available on February 28th.
  • # 355: Available on February 28th.
  • French forms: March 14th
Insurance application forms The following applications are being updated to include the AML changes:
  • #348 Equimax Short Form Application
  • #350 Life and/or Critical Illness Insurance Application
You may continue to use the previous version of the applications, so please use up existing stock.
Supply department:
  • # 350: Available on March 28th.
Printing from EquiNet:
  • # 348: Available on February 28st.
  • # 350: Available on March 26th.
  • French forms: March 14th.
Change forms Use these forms to make a change to an existing policy:
  • #374 - Application for Change of Coverage
  • #671NOC - Name / Ownership Change
Printing from EquiNet:
  • # 374: Available on February 28st.
  • # 671NOC: Available on February 28th.
  • French forms: March 14th.

QUESTIONS?

For more information regarding changes to Equitable Life forms and applications, please contact your Regional Service Representative.

For more information on the Anti-Money Laundering / Anti-Terrorist Financial Regulations and changes, please see: http://fintrac-canafe.gc.ca/publications/guide/Guide1/1-eng.asp