We received our reminder this morning regarding compliance reporting if you have a client who is an elected official.
If your a newly elected candiate you should let your advisor know of your change in status. This is a little thing that may get overlooked in the excitement of securing your position, however compliance is a serious matter and proper due dilegence is requried to ensure the integrity of our systems.
If this directly affected you, Congratulations ! If your a close friend to a candiate please let them know.
"With municipal elections completed, please review your client list for any clients that may have been elected to a seat of office. If you have a client who has been elected, you must report this information to our office as per FINTRAC regulation. "
An elected municipal official is considered a "Domestic Politically Exposed Person" http://www.fintrac-canafe.gc.ca/guidance-directives/client-clientele/Guide12/12-eng.asp
PEP for short.
The regulations also extend to members of the family of as well.
Glad to be of service