The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requires businesses to identify their customers and ask for identification to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Money laundering is the process of disguising the source of funds obtained through criminal activities, while terrorist financing is the act of generating revenue through legal or illegal means to support terrorist groups. By providing identification when requested, individuals can help financial institutions and others meet their legal obligations and support the fight against money laundering and terrorist financing. For more information on client identification verification and Canadian anti-money laundering and terrorist financing regulations, visit FINTRAC’s website at the source link below.
