I have been to Scotia Bank and explained the situation to them regarding bank transfers and certificates of deposits for people without a fixed salary . Their response was that for amounts over $10,000 there will need to be an investigation of the transfer every time and they need to be satisfied that tax laws have been followed in the country of origin and also they want to see the generation of the money ,in my case from dividends. The bank could not understand the practice of carried forward losses in my fully owned company overseas . They said that regardless whether the money was from an account in my name to an account also in my name, the process time is about a week .
In relation to the certificates of deposit , they would require a detailed letter from the employers of each person giving details of the salary . They would not issue me with a certificate of deposit as I have no employer .I have been retired for many years. I pointed out that none of these precautions were in the law but they said that this was their method of control .
To say it is quite crazy is an understatement ..in England I can buy a bank bond in the name of each of my grandchildren within 30 minutes and although I do not own any bonds , they are a normal negotiable instrument.
In relation to using a lawyer here , I have no qualms while I am still alive but definitely would not trust them with anything on trust after my death.
I can still open some form of account for each of the people I want to give money but that will pay only 6 % ..that can be done relatively quickly . Yes , I can see how ridiculous it is that a bank is happy to open an account and pay 6 % and do that immediately but will not permit a certificate of deposit ..seems it has very little to do with controlling money laundering except that a certificate of deposit is negotiable and I suppose a money launderer could sell it , even at a small loss and be happy with the then clean money .