Money Services Businesses
Ensure full compliance with regulatory obligations while improving onboarding efficiency and mitigating risk. Our tailored solutions help financial firms meet their record-keeping and client identification obligations under evolving AML/ATF frameworks.
Who Is It For?
Industry Overview
The financial services industry is under strict oversight to prevent money laundering, terrorist financing, and other financial crimes. Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) mandates specific obligations for record retention and client identification. Failure to comply results in reputational damage, fines, and even criminal charges.
Common Challenges
Our Solutions
Problem: Incomplete or inconsistent identification practices
Ensure mandatory identity information is collected for individuals and entities. Tailor workflows for client types: individuals, corporations, trusts, and more.
Prompt staff with real-time prompts on required IDs or supporting documents per FINTRAC rules.
Problem: Unclear beneficial ownership
Help identify individuals who own or control 25% or more of a corporation or entity.
Facilitate entry and updates of ownership changes with audit trails.
Problem: Record retention and format complexity
Securely store required information such as ID verification, purpose of accounts, and transaction details. Compliant with formats and timelines mandated by FINTRAC.
Problem: Screening for high-risk clients and PEPs
Screen clients against global PEP and sanctions databases at onboarding and regularly thereafter.
Trigger alerts for foreign PEPs, heads of international organizations, or known family associations.
Services Relevant to This Industry
Streamline onboarding and verification for individuals, corporations, and trusts.
Maintain required records for ID, account purposes, transactions, and authorizations securely and in compliant formats.
Track ownership hierarchies and resolve beneficial owners for reporting obligations.
Identify politically exposed persons, family members, and high-risk individuals.
Export compliance logs and records in regulator-ready formats for inspections or reviews.
Real-World Use Cases
Automatically collect business documents, verify signatories, identify beneficial owners, and screen for sanctions—ensuring compliance before the account is opened.
Compliance officer quickly retrieves ID documents, beneficial ownership declarations, and account purpose statements in one secure platform.
System flags foreign PEPs during onboarding, requiring additional senior approval and enhanced due diligence before proceeding.
Integrations / Compliance
Fully aligned with: FINTRAC’s guidance on client identification (including Guidance 6E and 6G)
PCMLTFA and its Regulations Sanctions and PEP compliance screening databases
Supports integration with: Core banking and CRM systems Secure document management systems Audit and reporting tools
Frequently Asked Questions
What records do I need to keep under FINTRAC regulations?
Records of ID documents, account purposes, authorizations, and business relationships must be kept—typically for 5 years.
How can I verify individuals not physically present?
Use dual process methods, credit file confirmation, or reliable technology per FINTRAC’s allowed ID methods.
Who qualifies as a beneficial owner?
Any individual owning or controlling 25% or more of a corporation or entity, either directly or indirectly.
What if a client is a foreign PEP?
You must conduct enhanced due diligence, senior approval, and monitor transactions more closely.
Do I need to reverify clients periodically?
Yes. You must keep information up to date, particularly for ongoing business relationships and high-risk clients.
Can your system help during regulatory audits?
Absolutely. All client and account records are organized and exportable for easy retrieval during inspections.
Getting Started
Stay ahead of compliance requirements and reduce manual risk. Our platform ensures your client identification and recordkeeping processes are robust, efficient, and audit-ready.
Fill out the short contact form below or choose another convenient way to reach us. Our team is here to listen, answer your questions, and help you get compliant — fast.
Contact Us
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