Compliance Memo

Compliance Memorandum 2011-01; Cheque Procedures

For more information, contact:

Compliance Team
compliance@gpwealth.ca

Date Issued:

April 5, 2011

In order to ensure compliance with Anti-Money Laundering legislation it is important for all financial advisors to comply with GP Wealth Management Account Operations and Procedures.

An important part of the controls in handling client funds involves the verification of the source of funds being invested on the client’s behalf.

To assist compliance in this verification process, all purchases must be accompanied by a copy of the cheque in addition to the deposit slip for the day’s transactions.
Where the source and destination are not the same, compliance staff may query as to the source of funds.

Purchases where the source cannot be verified may be rejected.

As a reminder, GP Wealth Management and its Financial Advisors are unable to accept the following payment options from a client:

  1. Cash
  2. An individual’s personal cheque issued to another individual and then endorsed to GP Wealth Management
  3. Drafts or money orders from other countries, Canada Post or cheque-cashing institutions
  4. Travellers’ Cheques

To ensure that reconciliation and trade processing occurs in a timely manner, please submit the copy of the cheque and the deposit slip, via email or fax, to the attention of Ingela Baker, accounting manager, and Rizwana Ashraf, dealer services representative, (clearly identifying the client plan number and advisor code) by 11am the morning following the trade.

As always, if you have any questions or comments, contact the Compliance Department by email at compliance@gpwealth.ca.