AML/KYC at Moneris

• What is AML/KYC and why does it matter to me?
  Anti-Money Laundering (AML) refers to the legal frameworks in place to detect and prevent financial crime. Know Your Customer (KYC) is the process used to verify who a business’s customers are and understand their financial activity and level of risk.
  
  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 AML and KYC requirements under 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 payment 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 customer.
    

  • If we do need more information, we’ll:
    -Reach out by phone (when 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 AML/KYC 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 AML/KYC 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 AML/KYC team. There’s no need to send documents through your Moneris account manager.

• 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) days, your account may be temporarily suspended until your information is confirmed.
  
  Once your information is confirmed, your processing will resume.
• Is my information collected in a secure manner?
  Yes. Your information is used only for regulatory verification purposes, in line with Canadian privacy laws.
• 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.