A money-services business (MSB) must verify the identity of its customers (except for customers using its automated teller machines [ATMs]) before providing a money service to them. The MSB must get the following basic information from each customer:

• the customer's name;
• the customer's address;
• the customer's phone number.

The MSB also has to get additional information from a customer to verify their identity if the customer's transaction is above a certain amount.

The MSB must be able to verify the identity of customers conducting off-site transactions.

Obligation to verify customer identity

The MSB has to get additional information from a customer to verify their identity in the following cases:

• The customer wants to conduct a transaction totalling $3,000 or more involving the issue or redemption of traveller's cheques, money orders or bank drafts.
• The customer wants to conduct a foreign currency exchange transaction totalling $3,000 or more.
• The customer wants to conduct a funds transfer transaction totalling $1,000 or more.
• The customer wants to cash a cheque (regardless of the amount).

The MSB must verify the identity of all co-contracting parties it deals with in connection with its money-services activities, regardless of the amount or the nature of the contract.

Personal information collected when verifying customer identity

The additional information the MSB has to get from a customer whose identity needs to be verified is shown below.

Personal information that must be collected (in-person and off-site transactions)

Personal information	Natural person	Legal person
Date of birth	Yes	No
Main occupation or nature of professional activities	Yes	No
Nature of business activities	No	Yes

Verification methods

Customer identity is verified differently for in-person transactions and off-site transactions.

In-person transaction

At the time of an in-person transaction, the MSB must collect the necessary information for verifying a customer's identity. To do so, the MSB must use one of the following methods, as applicable:

• In the case of a natural person, the MSB must ask to see an original of a photo identification document issued by a government (or a government department or agency) that includes the person's name and date of birth. It is strictly prohibited to copy an identification document.
• In the case of a business, the MSB must obtain a confirmation of the business's legal existence (for example, by verifying the business's registration in the Québec enterprise register).

Off-site transaction

At the time of an off-site transaction, the MSB must collect the necessary information for verifying a customer's identity. To do so, the MSB must use one of the following methods:

• It must obtain the account or other document number that it issued to the customer and in respect of which the customer's identity was verified by the MSB according to the applicable regulations.
• It must obtain a confirmation that the customer has a deposit account at a financial institution in respect of which the customer's identity was verified by that institution at the time the account was opened.
• It must obtain confirmation of a transaction using a bank card issued by a financial institution in the name of the customer and in respect of which the customer's identity was verified by that institution at the time the card was issued.