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Introduction
As part of our commitment to following updated Canadian regulations, we are required to collect additional information about your business or organization. These new rules apply to many types of online commerce in Canada, from selling tickets to accounting services, so we’re not alone in making these changes. You may have heard the terms FINTRAC and KYC (Know Your Customer) but might not be sure how they affect you. This blog post will explain these requirements in simple terms and help you understand why we need more details from you.
What Is FINTRAC?
FINTRAC stands for the Financial Transactions and Reports Analysis Centre of Canada. It is a government agency responsible for monitoring financial transactions to detect and prevent money laundering and terrorist financing. FINTRAC does not exist to track ordinary business activities. Instead, it helps keep Canada’s financial system safe from illegal use.
What Is KYC?
KYC stands for “Know Your Customer.” It is a process used by financial institutions and regulated businesses to verify the identity of their customers. This helps prevent illegal activities such as money laundering or fraud. By asking for documents and information that confirm who you are, KYC rules help protect honest businesses and individuals. The process also makes it simpler to spot and stop suspicious transactions.
What Is a Payment Processor (Stripe)?
A payment processor is a service that handles financial transactions on behalf of businesses. We use Stripe to process ticket sales and related payments. Stripe facilitates the transfer of funds from ticket buyers to event organizers. It also plays a key role in maintaining compliance with regulations like FINTRAC and KYC. Because Stripe is a global leader in secure online payments, they are required to follow the regulations of each country they operate in. This means they have strict requirements to verify businesses. Our partnership with Stripe helps ensure your transactions are handled smoothly and in accordance with all relevant local rules.
Why Are We Asking For This Information Now?
Canada’s regulations were updated in October 2024 to maintain strict standards for financial security. Unfortunately, some bad actors - mostly operating from outside the country - have taken advantage of the Canadian financial system in recent years. These new rules, while a bit of a pain for those of us doing regular business, are now required to ensure everyone complies with the latest regulations. By collecting the right documentation from your business or organization, we can continue to meet our obligations and help keep your transactions running smoothly.
- Proof of registration showing the organization’s legal name and address.
- Documentation that identifies key individuals (often the directors or trustees).
- Information verifying the authorized signatory who can act on behalf of the organization.
Legal Entity (Corporations):
- Proof of incorporation or registration showing legal name, address, and corporate directors.
- Verification of the authorized representative signing documents on behalf of the company.
- Where applicable, documents that show the ownership structure if needed.
Sole Proprietors:
- A valid government-issued ID.
- Business registration (if your province or territory requires it).
- Proof of business operation (for instance, a business license or other registration documents).
Province or Federal Corporate Documents
Depending on where your business or organization is registered, you will likely need to provide a specific document that confirms basic details such as business name, address, and director names. Below is a handy table to guide you:
| Federal | Corporate Profile |
| Ontario | Profile Report |
| Alberta | Corporation/Non-Profit Search |
| Quebec | Rechercher une enterprise au registre report |
| Saskatchewan | Profile Report |
| Manitoba | Companies Office report |
| Nova Scotia | Profile Report |
| New Brunswick | Corporate Affairs Registry Database report |
| Prince Edward Island | PEI Business / Corporate Registry report |
| Newfoundland & Labrador | Companies and Deeds Online report |
| British Columbia | BC Company Summary; BC Society Summary |
| Northwest Territories | Entity Profile report |
| Yukon | Entity Profile report |
Most of this information is already publicly available through provincial or federal registries. By obtaining these documents, we simply confirm your business or organization’s registration details in compliance with updated regulations.
Conclusion
We realize that these updated requirements may feel unfamiliar or even burdensome. Our goal is to help you understand why these rules now apply to all businesses and organizations across Canada. If you have any questions or concerns, please contact our customer support team. We’re here to guide you through the necessary steps and ensure we all stay compliant with the latest FINTRAC and KYC regulations.
Thank you for your understanding and cooperation.