Immigration Agency Client Account Regulation

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Questions and Answers

According to the CLIENT ACCOUNT REGULATION 2016-001, what is the penalty for breach of regulation?

Suspension of license

Verbal reprimand

Written warning

Monetary fine (correct)

What is the requirement for reconciling client account(s) monthly according to the regulation?

Monthly reconciliation (correct)

Bi-annual reconciliation

Quarterly reconciliation

No requirement for reconciliation

In a multi-disciplinary practice, what is the requirement for a member working according to the regulation?

No specific requirement

Maintaining separate client accounts (correct)

Disclosing client information

Reporting to the Council

How is any conflict between the English and French version of the regulation resolved?

English version governs Signup and view all the answers

What is the maximum time allowed for reconciling each month’s balances of all Client Accounts?

90 calendar days Signup and view all the answers

How long should the reconciliation and supporting documents be kept in the office of the Member’s principal business address?

6 years Signup and view all the answers

Under what circumstances is a Member working in other Jurisdictions bound by the client account rules or by-laws of the applicable regulatory body in the Jurisdiction(s) of such practices?

Only if they are not in contravention with the principles of ICCRC’s Client Account Regulation Signup and view all the answers

What penalty does a Member face for a first offence of breaching the Regulation?

Written warning with direction to correct deficiency within sixty (60) calendar days Signup and view all the answers

What penalty does a Member face for a second or subsequent offence of breaching the Regulation?

$100.00 per incident Signup and view all the answers

What action is a Member subject to if there is a failure to correct deficiencies within thirty (30) calendar days or pay fines?

Suspension and ultimately revocation Signup and view all the answers

In what circumstances can a Member working as a multi-disciplinary personnel in practices other than immigration/citizenship practices be exempt from this Regulation?

Only if an exemption is granted by the Registrar of the Council Signup and view all the answers

In what circumstance is a Member who breaches this Regulation subject to written warning with direction to correct deficiency within thirty (30) calendar days?

For the first offence Signup and view all the answers

What is the definition of an 'Authorized Representative'?

An individual who provides immigration/citizenship advice and services for a fee or other consideration Signup and view all the answers

What is the meaning of 'Client Account'?

A savings or chequing account where authorized representatives hold funds received from or on behalf of clients Signup and view all the answers

What constitutes 'Disbursements' for an authorized representative?

Miscellaneous expenses incurred in the course of providing services to a client, excluding fees for services rendered Signup and view all the answers

What is the definition of an 'Entity'?

A company, business, corporation, partnership, institution, or other organization with a separately identifiable existence Signup and view all the answers

What characterizes a 'Financial Institution'?

A Canadian chartered bank, loan or trust company, provincial savings office, credit union or league regulated under Canadian or provincial/territorial statute, registered trust corporation, or government-regulated and registered financial institution Signup and view all the answers

What are the requirements regarding maintaining a client account for authorized representatives?

Every authorized representative is required to maintain a client account in the name of the member or entity under which they conduct business Signup and view all the answers

According to the CLIENT ACCOUNT REGULATION 2016-001, what is the requirement for maintaining Client Accounts in different currencies?

Members may maintain one or more Client Accounts in one or more currencies, but must provide written notice to the Council within 15 days of opening or closing an account. Signup and view all the answers

What can members not deposit into a Client Account, except for a reasonable amount to cover administrative fees or money for services rendered?

Members may not deposit their own money or money for the benefit of a third party into a Client Account. Signup and view all the answers

What is the restriction on withdrawals from a Client Account?

Members may not withdraw more money than is held in a Client Account for a specific client at that time. Signup and view all the answers

What is required in order for interest earned on Money held in a Client Account to be credited to the Member's business account?

Interest earned on Money held in a Client Account is generally credited to the Member's business account, but may be credited to the Client's account if a specific Client Account was requested. Signup and view all the answers

What action are Members prohibited from taking with regard to their Client Accounts?

Members cannot grant a lien on or security interest in any Client Account, except for those arising by operation of law. Signup and view all the answers

When can interest earned on Money held in a Client Account be credited to the Client's account?

What must members do if they open or close an account?

Members must provide written notice to the Council within 15 days of opening or closing an account. Signup and view all the answers

Study Notes

Members of the Immigration Consultants of Canada Regulatory Council (ICCRC) must deposit client funds into a designated Client Account in accordance with section 3.1 of the Regulation.
Members may maintain one or more Client Accounts in one or more currencies, but must provide written notice to the Council within 15 days of opening or closing an account, including the account number, name and address of the financial institution, and date.
Members cannot deposit their own money or money for the benefit of a third party into a Client Account, except for a reasonable amount to cover administrative fees or money for services rendered.
Members may not grant liens or security interests on a Client Account, unless by operation of law.
Members may withdraw money from a Client Account for various reasons such as payment of disbursements, reimbursement of fees, or at the written direction of a client.
Members may not withdraw more money than is held in a Client Account for a specific client at that time.
Withdrawals from a Client Account can only be made by cheque or electronic transfer to certain designated accounts.
Interest earned on Money held in a Client Account is generally credited to the Member's business account, but may be credited to the Client's account if the Client requests a specific Client Account.
Members must maintain sufficient balances in their Client Accounts to meet all of their obligations with respect to client funds.
Members are required to provide written notice to the Council within 15 days of opening or closing a Client Account.
Members are prohibited from depositing Money that belongs to the Member or a group of Members in a Client Account, except for a reasonable amount to cover administrative fees.
Members may not hold Client money for the benefit of a third party, except for payment of their fees or disbursements.
Members may not grant a lien on or security interest in any Client Account.
Money may be withdrawn from a Client Account for payment of disbursements, reimbursement of fees, or for the benefit of a client or designated account.
Cheques drawn on a Client Account must not be made payable to cash or bearer, and can only be signed by a Member, unless authorized by the Registrar of the Council.
Interest earned on Money held in a Client Account is generally credited to the Member's business account, but may be credited to the Client's account if a specific Client Account was requested.
Members must maintain sufficient balances in their Client Accounts to meet all of their obligations with respect to client funds.
Members must not deposit their own money or money for the benefit of a third party in a Client Account, except for a reasonable amount to cover administrative fees or payment of fees and disbursements.
Members cannot grant a lien on or security interest in any Client Account, except for those arising by operation of law.
Members may only withdraw Money from a Client Account for specific reasons, such as payment of disbursements, reimbursement of fees, or for the benefit of a client or designated account.
Members must withdraw Money from a Client Account only by cheque or electronic transfer to certain designated accounts.
Cheques drawn on a Client Account must not be made payable to cash or bearer, and can only be signed by a Member, unless authorized by the Registrar of the Council.
Interest earned on Money held in a Client Account may be credited to the Member's business account, or to the Client's account if a specific Client Account was requested.
Members must maintain sufficient balances in their Client Accounts to meet all of their obligations with respect to client funds.

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Description

Understand the regulations concerning client funds for employees working at an immigration agency. Learn about maintaining one or more client accounts and the requirements for handling funds in different currencies.