BC Court: FINTRAC Guidance on Agent or Mandatary Verification Now Mandatory

• FINTRAC has updated its guidance on using agents or mandatories for corporate entity identity verification.
• The revised guidelines took effect on October 1, 2025, and aim to strengthen anti-money laundering regulations in Canada.
• Lawyers and compliance officers must review the updates to ensure they meet new requirements for client onboarding processes.

FINTRAC's updates reflect ongoing efforts to strengthen AML measures across the country.

FINTRAC has updated its guidance on the use of agents or mandatories for verifying corporate and entity identities. The revised guidelines took effect on October 1, 2025. This change aims to enhance anti-money laundering (AML) regulations in Canada. FINTRAC's updates reflect ongoing efforts to strengthen AML measures across the country.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is responsible for enforcing Canada's anti-money laundering and anti-terrorist financing regulations. As part of its mandate, FINTRAC provides guidance on various aspects of AML compliance, including the use of agents or mandatories in identity verification processes. The updated guidelines are a critical component of FINTRAC's efforts to prevent money laundering and terrorist financing activities.

Lawyers and compliance officers must review FINTRAC's revised guidance to ensure they meet the new requirements for corporate and entity identity verification. The updated guidelines impact client onboarding processes, requiring businesses to adapt their procedures accordingly. Failure to comply with these regulations may result in severe penalties, underscoring the importance of timely updates and adherence to AML standards.

Lawyers and compliance officers should review FINTRAC's updated guidance to ensure they are meeting the new identity verification requirements for corporations and entities, and update their client onboarding processes accordingly.

Source: Original reporting via FINTRAC