KYC and AML policy

1. Purpose

Know Your Client, anti-money-laundering and anti-terrorist-financing procedures help identify customers, assess activity and respond to suspected misuse. Requirements depend on the legal entity and service involved.

2. What KYC means

KYC is the process of confirming who an account holder is and whether submitted information is credible. It may include name, date of birth, address, occupation and source-of-funds information.

3. What AML means

AML controls are designed to detect and reduce attempts to disguise criminal proceeds or use financial services unlawfully. They can involve risk assessment, transaction monitoring, recordkeeping and legally required reporting.

4. Why identity is verified

Verification reduces impersonation and account takeover, supports payment ownership checks and helps meet applicable Canadian obligations. It also makes account recovery more reliable.

5. Documents

Depending on the service, users may be asked for a government-issued photo ID, proof of residential address and evidence about a payment source. A selfie or liveness check may be requested when necessary to compare the person with the identity document.

6. Verification process

Registration is followed by data submission, automated validation and, where needed, manual review. The result may be approval, a request for clarification, a temporary restriction or refusal.

7. Enhanced due diligence

Higher-risk circumstances can require additional information about occupation, source of wealth, source of funds, ownership or the intended account activity. Public-function exposure and unusual transaction patterns may also lead to closer review.

8. Timing

Many complete and legible submissions can be reviewed promptly. Timing varies with document quality, data consistency, provider availability, jurisdiction and whether manual investigation is required.

9. Refusal or suspension

Invalid, expired or unreadable documents may be rejected. A mismatch, suspected alteration, failure to answer a lawful request or unacceptable risk can pause or end onboarding.

10. Transaction monitoring

Applicable operations may be reviewed for size, frequency, destination, pattern and consistency with known account information. A suspicious activity review may restrict functions while facts are assessed.

11. User responsibility

Users must provide accurate, current and authentic information. Misrepresentation can lead to delay, restriction, termination and any report required by law.

12. Storage and protection

Verification information is limited to personnel and providers with a legitimate need. Technical and organizational controls are applied according to sensitivity, as further described in the Privacy Policy.

13. Data recipients

Information may be shared with identity-verification vendors, payment or IT providers, affiliates performing a relevant function, and regulators or public authorities when legally required. Recipients receive only what is reasonably necessary.

14. Canadian compliance

Where applicable to the operating entity and service, procedures reflect Canadian obligations administered by FINTRAC and relevant securities or financial-services requirements. This statement is not a claim that every service is regulated in the same way.

15. Contact

Questions about verification or financial-crime controls can be sent to [email protected]. Do not email unrequested identity documents or passwords.