What You Need to Know
The Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, collects, analyzes and discloses financial information and intelligence on suspected money laundering and terrorist financing activities.
It was created as part of a Canadian government initiative to fight money laundering and terrorist financing, both domestically and internationally. Businesses and industries who must report to FINTRAC are required to “know their clients” and asking for ID is one way to do that.
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)requires financial institutions and others covered by the legislation to identify customers who conduct financial transactions such as: depositing funds, purchasing a life insurance policy or buying a money order. The Act also requires them to keep records and identify their clients.
Why Do I Have To Show My ID?
The business you are dealing with is required by law to ask you for ID. By providing this information when requested, you will ensure that financial institutions and others can meet their legal obligation, and support the fight against money laundering and terrorist financing.
What Type of ID Do I Have To Provide?
Under the PCMLTFA, you are required to provide valid identification such as a birth certificate, a driver’s license, or similar type of document.
What Other Information May I Be Asked to Provide?
There are other requirements that might prompt the business you are dealing with to ask you for more information about the transaction you are conducting. For instance, you may be asked whether or not you are acting on behalf of a third party while conducting your transaction.
Where Can I Get More Information?
To find out more about the PCMLTFA,FINTRAC, and the fight against money laundering and terrorist financing, visit FINTRAC’s Web site at:www.fintrac.gc.ca or call toll-free:1-866-346-8722.
For a copy of the official FINTRAC public brochure for consumers, click here