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Email this1:16 pm
September 15, 2017
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Effective June 1, 2021, FINTRAC Canada has new regulations for new clients to open an account at all Canadian financial institutions. This seems to apply especially to proof of I.D. with in-person presentation as the preferred method, although other methods are mentioned.
source: Duca newsletter:
New FINTRAC requirement regarding deposits
Effective June 1: Depositors required to present ID
Please note, as of June 1, 2021, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requires us to document the identification of any individual who deposits funds into an account. If the depositor is not on file as the account holder, the depositor will be required to present legal identification. In addition, the depositor’s name will appear as such on your statements.
https://www.fintrac-canafe.gc.ca/guidance-directives/client-clientele/Guide11/11-eng
3:11 pm
July 9, 2020
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In person might not be required. Note the following.
>You may use the government-issued photo identification method if a person is not physically present, but you must have a process in place to authenticate the government-issued photo identification document. For instance, you could assess a document by using a technology capable of determining the document's authenticity. For example, you could:
>ask a person to scan their government-issued photo identification document using the camera on their mobile phone or electronic device; and
>use a technology to compare the features of the government-issued photo identification document against known characteristics (for example, size, texture, character spacing, raised lettering, format, design), security features (for example, holograms, barcodes, magnetic strips, watermarks, embedded electronic chips) or markers (for example, logos, symbols) to be satisfied that it is an authentic document as issued by the competent authority (federal, provincial, or territorial government).
I've done the "scan government-issued photo ID" before. The second part is an obligation on the FI (to use a technology to compare...). I anticipate FI's will work to get such technology in place, especially any FI operating primarily or exclusively online.
5:26 pm
April 6, 2013
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It doesn't look more difficult to me. FINTRAC will have five ways to verify instead of the current three ways.
3:41 pm
March 15, 2019
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I'm more concerned about the credit bureaus messing up my personal info and/or getting hacked.
Proving ID could be an issue for people who "anglicized" their name so that the "anglicized" name doesn't match their citizenship and/or birth certificate name.
4:05 pm
April 6, 2013
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COIN said
…
Proving ID could be an issue for people who "anglicized" their name so that the "anglicized" name doesn't match their citizenship and/or birth certificate name.
Those who have done that should do a legal name change as soon as possible.
Proving identity will be nothing compared to the hassles later for power of attorneys and executors when the name on the POA document or will doesn't match the registered name on assets. Land title offices are quite fussy with that and rightly so.
One won't be able to sign a new POA or a new will after one has lost one's marbles or is deceased.
9:55 am
January 12, 2019
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Norman1 said
It doesn't look more difficult to me. FINTRAC will have five ways to verify instead of the current three ways.
- Agreed ⬆
For most, this shouldn't be an issue.
- Dean
" Live Long, Healthy ... And Prosper! "
12:48 pm
April 6, 2013
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I think the only change is that someone going to a DUCA branch and making a deposit to an account needs to identify himself or herself.
Before, it was likely the teller didn't always do so when cash was being deposited or the cheque was payable to the account owner.
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