Canada: FINTRAC updates its guidance on customer verification requirements

FINTRAC has updated its guidance on methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation.

The requirements to verify the identity of an individual and confirm the existence of a corporation or of an entity other than a corporation are outlined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

The updated guidance addresses what it means to verify the identity of an individual or to confirm the existence of a corporation or of an entity other than a corporation.

It also addresses the use of an affiliate, agent, or mandatary and how to identify a child.  The guidance also informs on restrictions on the use of personal information.