The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published a video that explains how to verify the identity of an entity using the prescribed methods under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations.
This completes the series of six videos on prescribed methods that can be used to verify the identity of a client. Consult:
All businesses subject to the Act and associated Regulations must verify their clients’ identity using prescribed methods. Verifying the identity of a person or an entity removes the anonymity from financial transactions and is one of the most important ways to protect Canada’s financial system from money laundering and terrorist financing activities.
To understand and assess the risks that may be associated with a client’s transactions or activities, businesses must meet their know your client requirements related to business relationships, ongoing monitoring, beneficial ownership and third party determinations.
For more information, refer to FINTRAC’s guidance on the Methods to verify the identity of persons and entities.
For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll-free) or by email at guidelines-lignesdirectrices@
