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.

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.

Here is an informational video explaining your role in Canada's fight against money laundering and terrorist financing: Your role in fighting money laundering and terrorist financing.

For more information, refer to FINTRAC’s guidance on the Methods to verify the identity of persons and entities.

This completes the series of six videos on prescribed methods that can be used to verify the identity of a client.  

 

  • Video 1: Government-issued photo ID method 
    The first video (of a series of 6) explaining how to use the government-issued photo identification document (ID) method, which is one of the 5 prescribed methods that can be used to verify the identity of a person.

  • Video 2: Credit file method 
    The second video (of a series of 6) explaining how to use the credit file method, which is one of the 5 prescribed methods that can be used to verify the identity of a person.

  • Video 3: Dual-process method 
    The third video (of a series of 6) explaining how to use the dual-process method, which is one of the 5 prescribed methods that can be used to verify the identity of a person.

  • Video 4: Affiliate or member method 
    The fourth video (of a series of 6) explaining how to use the affiliate or member method, which is one of the 5 prescribed methods that can be used to verify the identity of a person.

  • Video 5: Reliance method 
    The fifth video (of a series of 6) explaining how to use the reliance method, which is one of the 5 prescribed methods that can be used to verify the identity of a person.

  • Video 6: Verifying the identity of an entity 
    The sixth video (of a series of 6) explaining how to verify the identity of an entity using the 3 prescribed methods.