Financial institutions in Canada, including Beacon, are required to identify and know if someone is a Politically Exposed Person (PEP) to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This requirement is mandated under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated regulations, which are enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The rationale behind this requirement is to mitigate the higher risks associated with PEPs engaging in financial crimes such as corruption, bribery, and money laundering. PEPs, by virtue of their influential public positions, may have access to significant public funds and decision-making powers, making them vulnerable to abusing their positions for personal gain or participating in illicit financial activities.

We prioritize your security and compliance with regulatory standards. If you have any questions or need further information, our friendly customer support team is always here to help.