Third-Party Determination
Clarify third-party relationships in financial transactions with precision. Stay compliant, reduce exposure, and fulfill your FINTRAC reporting obligations with confidence.
Why Third-Party Determination?
When conducting financial transactions, it's essential to determine if a third party is involvedāsomeone other than the client providing instructions or funding. This third-party identification is a key compliance requirement under Canadian anti-money laundering (AML) regulations.
Our Third-Party Determination service helps your organization consistently capture, assess, and document third-party involvement in accordance with FINTRAC expectations. Automate due diligence, standardize decision-making, and minimize compliance risks.
Who Is It For?
These organizations routinely face complex transaction chains, and misidentifying third-party involvement could result in regulatory penalties or inadvertent facilitation of illicit activity.
Key Benefits
Uncover when a third party is truly involvedāno more guesswork.
Prompt clients to provide required details at the right time.
Maintain structured logs of third-party information for FINTRAC reviews.
Identify red flags early by understanding who is really behind the transaction.
Use Cases
How It Works
Features
Identify when third-party determination is required based on transaction type or onboarding logic.
Use configurable forms to collect third-party information inline with client workflows.
Track who made the determination, when, and whyāensuring full transparency.
Raise alerts if third-party involvement suggests higher ML/TF risk.
Export structured third-party data with just a click for internal or external reviews.
Frequently Asked Questions
What is considered a third party?
A third party is an individual or entity who gives instructions or funds a transaction, even though they are not the direct client.
Is a company executive a third party in company transactions?
Not necessarily. If acting within their official capacity and clearly associated, they may not be considered a third party. However, clarity and documentation are essential.
Do I have to collect third-party info every time?
Only when a third party is involved. If the client confirms no third-party involvement, record the rationale and date.
What if the client refuses to provide third-party information?
You should not complete the transaction and must assess if a suspicious transaction report is required.
How long must I retain third-party records?
Typically five years after the last transaction or account closure, as per FINTRAC guidelines.
Getting Started
Third-party involvement can indicate hidden risk. Our system ensures you're never caught off guardāand always compliant.
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 ā fast.
Contact Us
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