FINTRAC’s video series on methods to verify the identity of a client

FINTRAC publishes the third of a series of videos on prescribed methods that can be used to verify the identity of a person or an entity. The third video explains how to use the dual-process method. 

All businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its 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.

To learn more, view Verifying the identity of a client: Dual-process method and refer to FINTRAC’s guidance on Methods to verify the identity of persons and entities.

FINTRAC Notice

Links:

New FINTRAC Identity Verification Video

FINTRAC Identity Verification Guidance