Business Relationship
Build trust from the start with fully compliant, auditable business relationship services tailored for Canada's AML/ATF requirements.
Why Business Relationship?
Establishing a business relationship under Canada's anti-money laundering and anti-terrorist financing (AML/ATF) regime is more than a handshake. It requires capturing and verifying specific client information, assessing risk levels, and documenting the nature and purpose of the relationship.
Our service simplifies this complex process, ensuring you meet FINTRAC’s obligations while delivering a frictionless client experience.
Who Is It For?
This service is ideal for any reporting entity that must perform due diligence before transacting with clients or establishing long-term engagements.
Key Benefits
Automate data capture, validation, and document checks to reduce onboarding time.
Ensure compliance with FINTRAC’s requirements for verifying identity and establishing client risk profiles.
Capture the nature and purpose of every business relationship with complete and traceable records.
Automatically adapt workflows based on client risk levels or relationship types.
Use Cases
How It Works
– Trigger workflow upon account creation or intent to transact.
– Collect personal or corporate identity details as required by sector.
– Use dual-method identity verification if required.
– Evaluate client based on nature of business, behavior, jurisdiction, or PEP status.
– Record client’s stated purpose for engaging your services.
– Ensure easy access for audits and future monitoring.
Features
Customizable forms based on your industry’s regulatory requirements.
Dynamic workflows that adjust based on real-time risk assessments.
Support for dual-process, credit file, and independent source methods.
Automatic logging of decisions, data, and changes for full compliance traceability.
Instantly flag high-risk clients or incomplete profiles for manual review.
Frequently Asked Questions
What defines a business relationship under Canadian AML law?
Any ongoing relationship established with the expectation of repeated transactions or services.
What information must be collected?
Full name, address, occupation, nature of business, and purpose of the relationship—among others depending on entity type.
Can this process be automated?
Yes. Our service is designed to automate and document the entire process with configurable workflows.
Is this required even if the client is low risk?
Yes. All clients must be identified and the nature of the relationship documented, regardless of risk.
What if the client refuses to provide the information?
You must not proceed with the transaction or establish the relationship and may need to consider filing a suspicious transaction report.
Getting Started
Take the uncertainty out of client onboarding. Ensure compliance, streamline workflows, and protect your business from regulatory risk—all from day one.
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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Use the form to send us a message.