The Proceeds of Crime (Money Laundering) and Terrorist Financing Act

What is FINTRAC?

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) collects, analyzes and discloses financial information and intelligence on suspected money laundering and terrorist financing activities. It was created as part of a Canadian government initiative to fight money laundering and terrorist financing, both domestically and internationally. Businesses and industries who must report to FINTRAC are required to “know their clients” and asking for ID is one way to do that.

 

What does this mean for you (our member)?

In addition to the information that we currently collect, the new regulations require us to ask for or update the following for all of our new and existing members:

 

  • Valid picture identification
  • Occupation, birthdates and addresses
  • Whether the member is a PEP (Politically Exposed Foreign Person)
  • Intended use of new accounts for both new and existing memberships

Where can you get more information?

Visit FINTRAC’s website at: www.fintrac.gc.ca or call 1-866-346-8722.

If you have further questions or concerns, please contact us at 250-494-7181 or visit us in branch.

 

 

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