As of June 1, 2021, the Financial Transactions and Reports Analysis Centre of Canada* (FINTRAC) requires Credit Unions to identify and document any individual depositing funds into an account. This pertains to any Depositor who is not on file as the primary account owner such as someone who is Joint on the account or is another signing authority or is a Third-Party Depositor. The Depositor in these situations is required to present government issued identification. This information will appear on statements documenting the transaction.
Business Members who send in an employee for company deposits should ensure the employee is made aware of this regulation and is prepared to present government issued identification.
*About FINTRAC: FINTRAC is Canada's financial intelligence unit. Its mandate is to facilitate the detection, prevention, and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control.
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