FINTRAC’s video series on methods to verify the identity of a client – The 5th video
FINTRAC has released the fifth of a series of videos, focusing on the prescribed methods for verifying the identity of individuals or entities. This particular video demonstrates the utilization of the reliance method.
All businesses falling under the purview of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations are obligated to verify the identities of their clients using the prescribed methods. This verification process is crucial in eliminating anonymity from financial transactions and plays a significant role in safeguarding Canada’s financial system against potential money laundering and terrorist financing activities. Complying with the ‘know your client’ requirements regarding business relationships, ongoing monitoring, beneficial ownership, and third-party determinations is essential for businesses to comprehend and assess the associated risks with their clients’ transactions or activities.
To learn more, watch our video on Verifying the identity of a client: Reliance method, and refer to FINTRAC’s guidance on Methods to verify the identity of persons and entities