If you have a place of business in Canada, see Money services businesses.
If you are unsure, see The difference between money services businesses and foreign money services businesses.
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) has been amended to include foreign money services businesses (FMSBs).
If you are an FMSB, as of June 1, 2020, you need to meet the following obligations:
- Register your business with FINTRAC;
- Report certain financial transactions to FINTRAC;
- Keep certain records;
- Identify clients; and
- Have a compliance program in place.
To begin the FMSB registration process, please complete and submit the Pre-registration form.
Who is an FMSB?
You are considered an FMSB if all of the following criteria apply:
- You are engaged in the business of providing at least one money services business (MSB) service;
- You do not have a place of business in Canada;
- You direct your MSB services at persons or entities in Canada; and
- You provide these services to clients in Canada.
1. You are engaged in the business of providing at least one MSB service
Foreign exchange dealing
— Conducting transactions where you exchange one type of currency for another (for example, exchanging USD for CAD).
Money transferring
— Remitting or transmitting funds from one individual or entity to another using an electronic funds transfer network or any other method such as Hawala, Hundi, Fei ch'ien, or Chitti.
Issuing or redeeming money orders, traveller's cheques or anything similar
— Your business issues or redeems money orders, travellers' cheques or other similar negotiable instruments. This does not include cashing cheques made out to a particular individual or entity.
- ISSUING
- To offer your own business's money orders or travellers cheques.
- REDEEMING
- To repurchase your own business's money orders or traveller's cheques by returning the purchase price to the buyer.
- SELLING OR CASHING
- To exclusively sell or cash the money orders or traveller's cheques of another business that issued the money order or traveller's cheque, does not make you an MSB.
Dealing in virtual currency
Note: This MSB service is coming into force on June 1st, 2020.
— Dealing in virtual currency includes both virtual currency exchange and virtual currency transfer services.
- Virtual currency exchange services include exchanging:
- funds for virtual currency;
- virtual currency for funds or;
- virtual currency for another virtual currency.
- Virtual currency transfer services include:
- transferring virtual currency at the request of a client; or
- receiving a transfer of virtual currency for remittance to a beneficiary.
2. You do not have a place of business in Canada
To not have a place of business in Canada means:
- You are not incorporated in Canada;
- You do not have a physical location in Canada; or,
- You do not have employees, agents or branches in Canada.
Note: If you provide MSB services and have a place of business in Canada, then you may be considered an MSB. Please see Money services businesses for additional information.
3. You direct services at persons or entities in Canada
A business is directing services at persons or entities in Canada if at least one of the following applies:
- The business's marketing or advertising is directed at persons or entities located in Canada;
- The business operates a ".ca" domain name; or,
- The business is listed in a Canadian business directory.
If none of the above apply to you, it is still possible that you are directing services at persons or entities in Canada. A combination of additional criteria may be considered in order to make this determination. For examples of additional criteria, please refer to Annex 1.
Examples of "directing services" at persons or entities in Canada:
- Company A is based in Australia but advertises its online money transfer and exchange services in Canadian newspapers and on websites aimed at clients in Canada who want to transfer or exchange money online. This would constitute directing services at persons or entities in Canada.
- Company B is based in France, but sends emails to clients in Canada, promoting its foreign exchange services. This would constitute directing services at persons or entities in Canada.
4. You provide these services to clients in Canada
A client is deemed to be "in Canada" if they have a connection or residential ties with Canada.
You can determine if your client is "in Canada" based on the information you acquire through your interactions with them, such as when verifying their identity. The client is "in Canada" when:
- the client's address is in Canada;
- the document or information used to verify the client's identity is issued by a Canadian province or territory, or by the federal government; or
- the client's banking, credit card or payment processing service is based in Canada.
Note: An individual may be deemed to be "in Canada" when they are temporarily living, attending school, working, or vacationing outside of Canada.
Please address questions about FMSBs to guidelines-lignesdirectrices@fintrac-canafe.gc.ca.
Your requirements
Your obligations as an FMSB will come into force at two different dates:
- The obligations that will apply to you on June 1st, 2020 are explained in detail below.
- On June 1st, 2021, additional requirements that currently apply to MSBs will also apply to FMSBs. Other amendments to the Regulations will come into force and apply to FMSBs. FINTRAC is currently updating its guidance to explain these obligations to FMSBs and this information will be made available on our website.
Register your FMSB
FMSBs must register with FINTRAC as of June 1st, 2020.
Note: Starting on March 9, 2020, FMSBs will be able to voluntarily provide their registration information to FINTRAC ahead of June 1st, 2020.
To register your FMSB with FINTRAC the following information must be provided with your completed registration form.
Police record check
You must provide FINTRAC with a criminal record check for the following individuals:
- your chief executive officer;
- your president;
- your directors; and
- each person who owns or controls, directly or indirectly, 20% or more of the entity or the shares of the entity.
If you operate your business yourself (e.g., you are a sole proprietor), you must provide this document about yourself. Police record checks must be issued by a competent authority in the country in which the individual resides.
Translation of the police record check
If the document is in a language other than English or French, it must be translated into English or French by a certified translator in Canada. You must obtain and provide the translation before you register.
This document is required to be translated by a certified Canadian translator. A certified translator is defined as an individual that is recognized by a provincial or territorial association in Canada that is competent under provincial or territorial law to issue such a certification.
The following is a list of Canadian associations:
- Association of Translators and Interpreters of Alberta (ATIA)
- Society of Translators and Interpreters of British Columbia (STIBC)
- Association of Translators, Terminologists and Interpreters of Manitoba (ATIM)
- Corporation of Translators, Terminologists and Interpreters of New Brunswick (CTINB)
- Association of Translators and Interpreters of Nova Scotia (ATINS)
- Association of Translators and Interpreters of Ontario (ATIO)
- Association of Translators and Interpreters of Saskatchewan (ATIS)
- L'ordre des traducteurs, terminologues et interprètes agréés du Québec (OTTIAQ)
You must provide the Statement of certification
FINTRAC requires proof that the translated document was issued from a competent and certified translator. This proof can be a certificate of authenticity signed by the certified translator, and containing the translator's stamp, or the translator's membership number from one of the above-mentioned professional translation associations.
Note: We recommend that you scan your three documents into one PDF file for your submission. If the documents are illegible or unclear, FINTRAC will not be able to process your form and will request that you resubmit the documents.
Document submission recommendation
Representative for service in Canada
FMSBs must designate a representative for service in Canada and provide FINTRAC with the name and contact details of this person. This representative must reside in Canada and be authorized to accept, on behalf of your business, FINTRAC related notices and inquiries.
Note that it is the FMSB, and not the representative for service in Canada, who is responsible for meeting the obligations under the PCMLTFA and associated Regulations.
Note: Financial entities (such as banks) may ask you questions regarding your business and whether or not you are registered with FINTRAC. Under the PCMLTFA and associated Regulations, financial entities must ensure that FMSBs for which they open an account, or with which they have a correspondent banking relationship, are registered with FINTRAC.
For further information on registration, see Register your money services business.
Compliance program
A comprehensive and effective compliance program is the basis of meeting all of your obligations under the PCMLTFA and associated Regulations. During a FINTRAC examination, it is important to demonstrate that the required documentation is in place and that employees, agents, and all others authorized to act on your behalf are well trained and can effectively implement all the elements of your compliance program. A senior officer must approve the compliance program and the compliance officer must have the necessary authority to carry out the requirements of the program. You must:
- appoint a compliance officer responsible for the implementation and oversight of the compliance program;
- develop and apply written compliance policies and procedures that are kept up to date and approved by a senior officer;
- apply and document a risk assessment , including mitigation measures and strategies;
- develop and maintain a written training program for employees, agents, and others authorized to act on your behalf;
- review your compliance program (policies and procedures, risk assessment and training program) every two years for the purpose of testing its effectiveness.
See Compliance program requirements, the Risk-based approach guide and the Risk-based approach workbook for MSBs for more information on these obligations.
Know your client
FMSBs must verify the identity of their clients for certain activities and transactions following the methods prescribed the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR). Starting on June 1st, 2020, you will need to verify the identity of your clients for the purpose of submitting suspicious transaction reports (STRs) to FINTRAC.
- You must take reasonable measures to identify individuals who conduct or attempt to conduct suspicious transactions before submitting an STR. Reasonable measures may include asking the individual to provide photo identification.
- You must take reasonable measures to identify clients conducting or attempting to conduct suspicious transactions, even in the case of transactions that are normally exempt from client identity requirements.
Reporting
FMSBs are required to complete reports about certain transactions and property and submit them to FINTRAC. Financial transaction reports are critical to FINTRAC's ability to analyze transactions which leads to the development of the financial intelligence that is disclosed to law enforcement and partner agencies. Because these reports are critical, the quality of your reporting will be reviewed in examinations.
As of June 1st, 2020, you will need to report the following transactions:
Suspicious transactions: After determining that there are reasonable grounds to suspect that a transaction or an attempted transaction is related to the commission or attempted commission of a money laundering or terrorist financing offence, you must submit a suspicious transaction report (STR) as soon as practicable. The following guidance explains how to identify and report STRs. See What is a suspicious transaction report?, Reporting suspicious transactions to FINTRAC and Money laundering and terrorist financing indicators - Money services businesses.
Terrorist property: When you know or believe that property in your possession or under your control is owned, controlled by or on behalf of a terrorist group or listed person or entity, you must disclose this information to the Royal Canadian Mounted Police (RCMP), the Canadian Security Intelligence Service (CSIS) and submit a Terrorist Property Report (TPR) to FINTRAC without delay. See Guideline 5: Submitting Terrorist Property Reports.
If you have a computer and an internet connection, you must submit STRs to FINTRAC electronically. TPRs can only be submitted by mail or by fax at 1-866-226-2346.
Record keeping
You are required to keep certain records. They must be kept in such a way that they can be provided to FINTRAC within 30 days if required to do so. As of June 1st, 2020, you will need to keep the following records:
Client verification records: When you verify the identity of a client using one of the prescribed methods, you must record certain information. For more information, see the Methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation.
Retention: You must keep a record of the information recorded while verifying a client’s identity for at least five years from the date it was created.
Suspicious transaction report records: If you submit an STR to FINTRAC, you must keep a copy of it. This includes STRs for both completed and attempted transactions.
Retention: You must keep STR records for at least five years from the date the report was submitted.
Reasonable measures records: When reasonable measures were taken, but were unsuccessful, you must keep a record. A reasonable measure is unsuccessful when you do not obtain a response, such as a yes or no, and you are unable to make a conclusive determination.
When reasonable measures are unsuccessful, you must record the following information:
- the measures taken;
- the date on which each measure was taken; and
- the reasons why the measures were unsuccessful.
You must outline the reasonable measures that you take in your compliance program’s policies and procedures as outlined by the PCMLTFA and associated Regulations.
Retention: You must keep records of unsuccessful reasonable measures for at least five years following the date they were created.
If you do not meet all of these obligations, you may be assessed, or incur penalties or other consequences.
Glossary
FINTRAC has created a Guidance glossary that defines certain terms used throughout its guidance documents.
ANNEX 1: Examples of additional criteria
The following list provides examples of additional criteria that may be considered when determining whether you "direct services at persons or entities in Canada". This is not an exhaustive list.
- Describing your services as being offered in Canada.
- Offering products or services in Canadian dollars.
- Customer service support is available to clients in Canada.
- If you seek feedback from your clients in Canada.
- Having another business in Canada promote your services to clients in Canada.
Definitions
- Administrative monetary penalties (AMPs)
Civil penalties that may be issued to reporting entities by FINTRAC for non-compliance with the PCMLTFA and related regulations. (pénalité administrative pécuniaire [PAP])
- Affiliate
An entity is affiliated with another entity if one of them is wholly owned by the other, if both are wholly owned by the same entity or if their financial statements are consolidated. (entité du même groupe)
- As soon as practicable
A time period that falls in-between immediately and as soon as possible within which a suspicious transaction report (STR) be submitted to FINTRAC. In this context, the report must be completed promptly, taking into account the facts and circumstances of the situation. While some amount of delay is permitted, it must have a reasonable explanation. The completion and submission of the report should take priority over other tasks. (aussitôt que possible)
- Attempted transaction
Occurs when an individual initiates a transaction and it does not result in the movement of funds or purchase or sale of an asset because the transaction is not completed. For example, a potential client walks away from conducting a $10,000 cash deposit because they do not want to provide their identification. (opération tentée)
- Authentic
In respect of a government-issued photo identification document that is used to verify identity, is genuine and has the character of an original, credible, and reliable document issued by the competent authority (federal, provincial, territorial government). (authentique)
- Beneficial Owner(s)
Beneficial owners are the actual individuals who are the trustees, and known beneficiaries and settlors of a trust, or who directly or indirectly own or control 25% or more i) of a corporation or ii) an entity other than a corporation or trust, such as a partnership. The ultimate beneficial owner(s) cannot be another corporation or entity; it must be the actual individual(s) who are the owners or controllers of the entity. (bénéficiaire effectif)
- Beneficiary
A beneficiary is the individual or entity who will ultimately benefit from a transaction and be the final recipient of the funds. (bénéficiaire)
- Branch
A branch is a part of your own business at a distinct location other than your main office. (succursale)
- Certified translator
An individual that holds the title of professional certified translator granted by a Canadian provincial or territorial association or body competent under Canadian provincial or territorial law to issue such certification. (traducteur agréé)
- Clarification request
A clarification request is a method used to communicate with money services businesses when FINTRAC needs more information about their registration form. This request is usually sent by email. (demande de précisions)
- Client/customer
A person or entity that engages in financial transactions through your business. (client)
- Competent authority
Any person or organization that has the legally delegated or invested authority, capacity, or power to issue criminal record checks. (autorité compétente)
- Completed transaction
Is a transaction initiated by a person or entity that results in the movement of funds or purchase or sale of an asset. (opération effectuée)
- Compliance officer
The individual, with the necessary authority, you appoint to be responsible for the implementation of your compliance program. (agent de conformité)
- Compliance policies and procedures
Written methodology outlining all of your obligations applicable to your business under the PCMLTFA and its associated Regulations and the corresponding processes and controls you have put in place to address your obligations. (politiques et procédures de conformité)
- Compliance program
All elements (compliance officer, policies and procedures, risk assessment, training program, effectiveness review) that you, as a reporting entity, are legally required to have under the PCMLTFA and its associated Regulations to ensure that you meet all of your reporting, record keeping, client identification, and know-your-client requirements. (programme de conformité)
- Context
Clarifies a set of circumstances or provides an explanation of a situation or financial transaction that can be understood and assessed. (contexte)
- Country of residence
The country where an individual has lived continuously for 12 months or more. The individual must have a dwelling in the country concerned. For greater certainty, a person only has one country of residence no matter how many dwelling places they may have, inside or outside of that country. (pays de résidence)
- Credit card acquiring business
A credit card acquiring business is a financial entity that has an agreement with a merchant to provide the following services:
- enabling a merchant to accept credit card payments by cardholders for goods and services and to receive payment for credit card purchases;
- processing services, payment settlements and providing point-of-sale equipment (such as computer terminals); and
- providing other ancillary services to the merchant.
- Current
In respect of a document or source of information that is used to verify identity, is up to date, and, in the case of a government-issued photo identification document, must not have been expired when the ID was verified. (à jour)
- Directing Services
The services offered by the person or entity take into consideration a Canadian audience (for example, needs, customs, wealth, laws, etc.). (diriger des services)
- Disposition
With respect to a financial transaction, the disposition is what the funds were used for. For example, an individual arrives at a bank with cash and purchases a bank draft. The disposition is the purchase of the bank draft. (répartition de fonds)
- Electronic funds transfer (EFT)
An electronic funds transfer (money transfer) means the transmission of instructions, for the transfer of funds, to or from Canada. An electronic funds transfer does not include the instructions for the transfer of funds from one place in Canada to another in Canada. (télévirement)
- Entity
Can be a corporation, trust, partnership, fund, or an unincorporated association or organization. (entité)
- Facts
Actual events, actions, occurrences or elements that exist or are known to have happened or existed. Facts are not opinions. For example, facts surrounding a transaction or multiple transactions could include the date, time, location, amount or type of transaction or could include the account details, particular business lines, or the client’s financial history. (faits)
- Financial account
Refers to deposit, credit card or other loan accounts held by a financial entity. This does not include investment accounts such as Registered Retirement Savings Plans (RRSPs). (compte financier)
- Financial entity
A financial entity includes:
- a bank that is regulated by the Bank Act;
- an authorized foreign bank, as defined in section 2 of that Act, in respect of its business in Canada;
- a cooperative credit society, savings and credit union or caisse populaire that is regulated by a provincial Act;
- an association that is regulated by the Cooperative Credit Associations Act;
- a financial services cooperative, a credit union central, a company that is regulated by the Trust and Loan Companies Act;
- a trust company or loan company that is regulated by a provincial Act; and
- a department or an entity that is an agent or mandatary of Her Majesty in right of Canada or of a province when it is carrying out an activity referred to in section 45 of the PCMLTFR.
- Financial transaction
A financial transaction can indicate one or more instances of an attempted or completed movement of funds or purchase or sale of an asset. (opération financière)
- Individual or person
A human being. (individu ou personne)
- Institutional trust
An institutional trust is a trust that is established by a corporation, partnership or other entity for a particular business purpose and includes pension plan trusts, pension master trusts, supplemental pension plan trusts, mutual fund trusts, pooled fund trusts, registered retirement savings plan trusts, registered retirement income fund trusts, registered education savings plan trusts, group registered retirement savings plan trusts, deferred profit sharing plan trusts, employee profit sharing plan trusts, retirement compensation arrangement trusts, employee savings plan trusts, health and welfare trusts, unemployment benefit plan trusts, foreign insurance company trusts, foreign reinsurance trusts, reinsurance trusts, real estate investment trusts, environmental trusts and trusts established in respect of endowments, foundations and registered charities. (fiducie institutionnelle)
- Inter vivos trust
Also known as a living trust, this is a trust that is not created by a will. This type of trust is established by a living individual for the benefit of another individual, such as a trust created by a parent for a child. Its assets can be distributed to the beneficiary during or after a settlor’s lifetime. (fiducie entre vifs)
- Listed person
A listed person means anyone on a list published in the Schedule of the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism issued under the United Nations Act.
A listed person includes an individual, a corporation, a trust, a partnership or fund or an unincorporated association or organization that is believed to:
- have carried out, attempted to carry out, participated in or facilitated a terrorist activity; or
- be controlled directly or indirectly by, be acting on behalf of, at the direction of, or in association with any individual or entity conducting any of the above activities.
- Marketing or Advertising
The person or entity uses promotional materials such as advertisements, graphics for websites or billboards, etc., with the intent to promote services and to acquire business from persons or entities in Canada. (marketing ou publicité)
- Minute book
A record that contains the corporate documents of a company. It can include documents such as the articles of incorporation, general operating by-laws, first director resolution, registers, forms, share certificates and minutes of shareholders and directors meetings. (registre des procès-verbaux)
- Money laundering and terrorist financing indicators (ML/TF indicators)
Potential red flags that could initiate suspicion or indicate that something may be unusual in the absence of a reasonable explanation. [Indicateurs de blanchiment d’argent (BA) et de financement du terrorisme (FT) (indicateurs de BA/FT)]
- Money laundering offence
Means an offence under subsection 462.31(1) of the Criminal Code. The United Nations defines money laundering as "any act or attempted act to disguise the source of money or assets derived from criminal activity." Essentially, money laundering is the process whereby "dirty money"— produced through criminal activity— is transformed into "clean money," the criminal origin of which is difficult to trace. (infraction de recyclage des produits de la criminalité [blanchiment d’argent])
- Money services business agent
An individual or organization authorized to deliver services on behalf of a money services business (MSB). It is not an MSB branch. (mandataire d’une entreprise de services monétaires)
- No apparent reason
There is no clear explanation to account for suspicious behaviour or information. (sans raison apparente)
- Occupation
The job or profession of a client. (profession ou métier)
- Possibility
In regards to completing a suspicious transaction report (STR), the likelihood that a transaction may be related to a money laundering/terrorist financing (ML/TF) offence. For example, based on your assessment of facts, context and ML/TF indicators you have reasonable grounds to suspect that a transaction is possibly related to the commission or attempted commission of an ML/TF offence. (possibilité)
- Principal business
The nature of the primary business of an entity. (entreprise principale)
- Probability
The likelihood in regards to completing an suspicious transaction report (STR) that a financial transaction is related to a money laundering/terrorist financing (ML/TF) offence. For example, based on facts you have reasonable grounds to believe that a transaction is probably related to the commission or attempted commission of an ML/TF offence. (probabilité)
- Production order
A judicial order that compels a person or entity to disclose records to peace officers or public officers. (ordonnance de communication)
- Public body
- any department or agent or mandatary of Her Majesty in right of Canada or of a province;
- an incorporated city or town, village, metropolitan authority, township, district, county, rural municipality or other incorporated municipal body in Canada or an agent or mandatary in Canada of any of them; and
- an organization that operates a public hospital and that is designated by the Minister of National Revenue as a hospital authority under the Excise Tax Act, or an agent or mandatary of such an organization.
- Reasonable measures
Reasonable measures means that you must take steps to collect certain information, even if taking those steps did not result in the desired information being obtained. For example, this can include doing one or more of the following:
- asking the client,
- conducting open source searches, or
- consulting commercially available information.
- Reliable
In respect of information that is used to verify identity, means that the source is well known, reputable, and is considered one that you trust to verify the identity of the client. (fiable)
- Representative for service
An individual in Canada that has been appointed by a person or entity that is a foreign money services business (FMSB), pursuant to the PCMLTFA, to receive notices and documents on behalf of the FMSB. (représentant du service)
- Risk Assessment
Is an analysis and an application of policies and procedures of potential risks and vulnerabilities that could expose your business to money laundering/terrorist financing (ML/TF) activities. (évaluation des risques)
- Senior officer
A senior officer of an organization can be:
- a director who is also a full time employee;
- a chief executive officer, chief operating officer, president, secretary treasurer, controller, chief financial officer, chief accountant, chief auditor or chief actuary, or any individual who performs these similar duties; or
- any other officer who reports directly to the board of directors, chief executive officer or chief operating officer.
- Service agreement
With respect to money services businesses (MSBs), an agreement between you and another organization for you to provide them with any of the following MSB services on an ongoing basis:
- money transfers;
- foreign currency exchange; or
- issuing or redeeming money orders, traveller's cheques or anything similar.
- Settlor
A settlor is an individual or entity that creates a trust with a written trust declaration. The settlor ensures that legal responsibility for the trust is then given to a trustee and that the trustee is provided with a trust instrument document that explains how the trust is to be used for the beneficiaries. A settlor includes any individual or entity that contributes financially to that trust, either directly or indirectly. (constituant)
- Source
The issuer or provider of information or documents for verifying identification. (source)
- SWIFT
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) network is a global member-owned cooperative and an international provider of secure financial messaging services. (SWIFT)
- Terrorist activity financing offence
Means an offence under section 83.02, 83.03 or 83.04 of the Criminal Code or an offence under section 83.12 of the Criminal Code arising out of a contravention of section 83.08 of that Act.
A terrorist financing offence is knowingly collecting or giving property (such as money) to carry out terrorist activities. This includes the use and possession of any property to help carry out the terrorist activities. The money earned for terrorist financing can be from legal sources, such as personal donations and profits from a business or charitable organization or from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion.
(infraction de financement des activités terroristes)- Third party
Any individual or entity that instructs someone to act on their behalf for a financial activity or transaction. (tiers)
- Training program
A written and implemented program outlining the ongoing training for your employees, agents or other individuals authorized to act on your behalf about all your obligations and requirements to be fulfilled under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations. (programme de formation)
- Trust
A right of property held by one individual or entity (a trustee) for the benefit of another individual or entity (a beneficiary). (fiducie)
- Trustee
A trustee is the individual or entity authorized to hold or administer the assets of a trust. (fiduciaire)
- Tutor
In the context of civil law, a person who has been lawfully appointed to the care of the person and property of a minor. (tuteur)
- Two year effectiveness review
A review, conducted every two years (at a minimum), by an internal or external auditor to test the effectiveness of your policies and procedures, risk assessment, and training program. (examen bisannuel de l'efficacité)
- Valid
In respect of a document or information that is used to verify identity, appears legitimate or authentic and does not appear to have been altered or had any information redacted. The information must also be valid according to the issuer, for example if a passport is invalid because of a name change, it is not valid for FINTRAC purposes. (valide)
- Verify client identity
To refer to certain information or documentation to identify a client and ensure that their information matches what you know about them. (vérifier l’identité d’un client)
- Very large corporation
Very large corporation has minimum net assets of $75 million CAD on its last audited balance sheet. The corporation's shares have to be traded on a Canadian stock exchange or on a stock exchange outside Canada that is designated by the Minister of Finance. The corporation also has to operate in a country that is a member of the Financial Action Task Force (FATF). (personne morale dont l’actif est très important)
- Working days
A working day is a day between and including Monday to Friday. It excludes Saturday, Sunday, and a public holiday. (jour ouvrable)
- Date Modified: