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NEW Fintrac Forms Mandatory as of Dec 1st 2017


Fintrac - ID Form (Use Everytime)
Use this form when you are representing 1. Seller 2. Buyer 3. Landlord
Receipt of Funds
Use when you are representing a Buyer only. (not applicable for rentals)

FINTRAC New Updates Mandatory as of June 2017


 


How to Use The Single ID Method


Single process methods to identify individuals

You can identify an individual using one of the following single process methods:

  1. The government-issued photo identification method;
  2. The credit file method.

1. Government-issued photo identification method

How to use a photo identification document to identify an individual

You can rely on valid, current and original photo identification issued by a federal, provincial or territorial government to identify an individual. You may accept a foreign issued photo identification document if it is equivalent to a Canadian issued photo identification document listed in this guideline. Photo identification documents issued by any municipal government, Canadian or foreign, are not acceptable.

You must view the original document while in the presence of the individual in order to compare them with their photo. The photo identification document must:

  1. indicate the individual’s name;
  2. have a photo of the individual;
  3. have a unique identifier number.

It is not acceptable to view photo identification online, through a video conference or through any virtual type of application; nor can you accept a copy or a digitally scanned image of the photo identification.

What information needs to be recorded when using the photo identification method?

If you are using this method, you must record: 

  1. The individual’s name;
  2. The type of card or document used (for example, driver’s license, B.C. Services Card);
  3. The unique identifier number of the document or card;
  4. The issuing jurisdiction and country of the document;
  5. The expiry date of the document or card, if available (if the information appears on the document or card, you must record it);
  6. The date on which you verified the information.

Examples of acceptable photo identification documents

The following list provides examples of acceptable government-issued photo identification documents from federal, provincial or territorial authorities. This is not an exhaustive list.


Credit File Method


2. Credit file method

How to use the credit file method to identify an individual

You can identify an individual by referring to a Canadian credit file that has been in existence for at least three years. To be acceptable, the credit file details must match the name, date of birth and address provided by the individual. If any of the information does not match, you will need to use another method to verify the individual’s identity.

Complete credit files provide ratings on individuals to assess their ability to repay loans; however, it is possible to request a credit file to confirm an individual’s identifying information that does not include a credit assessment. You do not need a credit assessment to identify an individual. Equifax Canada and TransUnion Canada are Canadian credit bureaus that provide credit file information for identification purposes.

An individual cannot provide you with a copy of their credit file. You must obtain the information directly from a Canadian credit bureau. It is acceptable, however, to use an automated system to match the individual’s information with the credit file information. You may also rely on a third party vendor that can provide you with an original and valid Canadian credit file. A third party vendor is an entity that is authorized by a Canadian credit bureau to provide Canadian credit information.

To rely on a credit file search, you must conduct the search at the time you identify the individual’s identity. For example, a previous credit file would not be acceptable. To be acceptable as a single source, the credit file must:

  1. match the name, address and date of birth that the individual provided;
  2. be from Canada; foreign credit files are not acceptable;
  3. have been in existence for at least three years.

The individual does not need to be physically present at the time you confirm their identity.

What information needs to be recorded when using the credit file method?                                 

If you are using this method, you must record: 

  1. The individual’s name;
  2. The name of the Canadian credit bureau holding the credit file;
  3. The reference number of the credit file;
  4. The date you consulted or searched the credit file.

Dual Process Method to Identify an Individual


How to use the dual process method to identify an individual

The dual process method to confirm an individual’s identity requires that you refer to any two of the following:

  • documents or information from a reliable source that contain the individual’s name and date of birth;
  • documents or information from a reliable source that contain the individual’s name and address; or
  • documents or information that contain the individual’s name and confirms that they have a deposit, credit card or other loan account with a financial entity.

You must refer to original documents or information from two different, reliable sources to verify an individual’s identity, and all the information must match the information provided by the individual. If you refer to an original document that has an expiry date, it must be current, and if there is no expiry date, it must be a recent version of the document. For example, if an individual provides you with a credit card statement or a Canada Revenue Agency (CRA) notice of assessment, it would need to be the latest one received by the individual.

You cannot rely on information issued by a single source, even if it confirms an account and contains the name, address and date of birth of an individual. You also cannot use the same source for the two categories of information you use to verify the individual’s identity. For example, you can refer to a bank statement that contains the individual’s name and address from Bank A and confirm a deposit account at Bank B. You cannot rely on a CRA document that contains the individual’s name and address and a different CRA document that contains the individual’s name and date of birth, because CRA is the same originating source for both documents.

Table 5 provides examples of information you can rely on to verify an individual’s identity using the dual process method. For example:

  1. You refer to one source to verify an individual’s name and address and a second source to verify their name and date of birth.
  2. You refer to one source to verify an individual’s name and address and a second source to verify their name and confirm a financial account.
  3. You refer to one source to verify an individual’s name and date of birth and a second source to verify their name and confirm a financial account.