AML/KYC at Moneris

• What is AML/KYC and why does it matter to me?

  Know Your Customer (KYC) is a legally required process used by payment processing companies such as Moneris to confirm who you are and verify key details about your business, such as your legal business name, ownership structure and business address. Anti-Money Laundering (AML) refers to the laws, regulations and processes designed to help detect and prevent financial crime.

   

  This is a simple way to think about it: KYC is about knowing who a customer is. AML is about making sure the financial system isn’t being used for criminal activity.

   

  In Canada, businesses such as Moneris are required by law to verify customer information, monitor transactions and report suspicious activity. These requirements are set out under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

   

  Moneris verifies specific business details about our customers as part of our ongoing KYC and AML requirements under the PCMLTFA.

   

  These are standard checks that are required of all money services businesses in Canada and help protect your business, your customers and the broader payments ecosystem from fraud and financial crime.

  
  
• What information does Moneris verify and how does the process work?

  As a payments provider, Moneris is required to confirm key details about our customers, which may include:

  • Legal name
  • Registration details/existence of the customer
  • Ownership/directors information
  • Authorized users
  • Business address

  Typically, Moneris is able to verify this business information using trusted sources, with no additional validation required by our customers.

   

  If we do need more information, we’ll:

  • Reach out by phone (if possible)
  • Follow-up by email with clear next steps
  • At this point, you may be required to sign an attestation form and provide supporting documentation.
• I’ve received a request to verify my business details and sign an attestation form. How do I know this is a legitimate request for information?

  Where additional KYC/AML validation is required, this request will be sent from a Moneris representative with an email address ending with @moneris.com. If you receive a request for the above information and you are unsure whether it is legitimate, please call us at 1-866-319-7450 to confirm.

   

  If you believe you were contacted in error, please contact your Moneris account manager or call 1-866-319-7450.

• What is an attestation form?

  If additional validation is needed, you may receive a short form asking you to:

  • Review/complete your business details
  • Update anything that’s changed or missing
  • Sign and return the form to the KYC/AML representative who contacted you or submit the completed form electronically, as applicable
• How do I submit my information?

  Please follow the instructions in your email and respond directly to the Moneris KYC/AML team. There’s no need to send documents through your Moneris account manager.

• What supporting documents will I be required to submit?

  Please refer to your attestation form, if applicable, for the exact documentation requirements. These may include copies of records that confirm your business’ existence, its legal name and address and the names of its directors and beneficial owners (e.g. certificate of incorporation/status, published annual report, notice of assessment, directors'/shareholders’ registers, etc.).

• How long do I have to respond?

  You’ll have seven (7) calendar days from when we email you to send back your information.

   

  Responding promptly helps ensure there’s no disruption to your business.

• Will the AML/KYC process impact my business?

  No, there’s no impact on your payment processing as long as you respond within the requested timeframe.

   

  If we don’t receive the required information within seven (7) calendar days, your account may be temporarily suspended until your information is submitted.

   

  Once your information is confirmed, your processing will resume.

• Is my information collected in a secure manner?
  Yes. Your information is collected securely and used only for regulatory verification purposes, in line with Canadian privacy laws.
• Where do I find my legal name and corporation number?

  This information can be found in your:

  • Business registration document
  • Articles of incorporation
  • Articles of amendment
  • Articles of amalgamation
• Why is my account suspended if I did not receive an email?

  The KYC/AML process is being conducted at the legal entity level, and it is the responsibility of the recipient at that level to ensure that verification is completed for all locations or franchisees associated with that entity.

• Will I be contacted again?

  These checks are part of ongoing regulatory requirements, so we may periodically confirm your information in accordance with current KYC standards to keep everything accurate.

• Who do I contact with questions?

  We’re here to support you. If you have questions, please contact your account manager or call 1-866-319-7450.