Frequently asked questions about FINTRAC requirements

FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulations now apply to more businesses, including those that lease or rent equipment. Because of this change, Pitney Bowes Canada must comply with FINTRAC requirements when entering into certain transactions.

These requirements include verifying business information and identifying ownership details through Know Your Customer (KYC) and Ultimate Beneficial Ownership (UBO) processes.

• Know Your Customer (KYC: As part of these requirements PB Canada must record and retain information from our customers that may not have previously been required, as they enter new transactions.
• Ultimate Beneficial Ownership (UBO): PB Canada must obtain beneficial ownership information to verify a business. This includes details about the organization’s ownership, control, and structure, and confirmation that the information is accurate.

For more information, please visit:  Financial Transactions and Reports Analysis Centre of Canada

FAQs

• What information must you provide to proceed with a transaction?
• Why is this information required for existing relationships?
• What happens if you do not provide the required information?
• Are any organizations exempt from these requirements?
• Does the size of the order affect the requirement?
• How often do you need to provide this information?
• Who should complete the form?
• Can the form be sent to someone else?
• What should you do if you believe your organization is exempt?

What information must you provide to proceed with a transaction?

• You must verify the business entity using a business registration number or tax ID.
• You must provide identification details for the person signing the agreement, including address and date of birth.
• You must provide documentation showing that the signer has authority to bind the business, such as bylaws, a board resolution authorizing the representative to act, or certificate of incumbency.
• You must provide the names of all directors and details of all individuals who directly or indirectly own or control 25% or more of the business, including name, title, address, and ownership percentage.

Why is this information required for existing relationships?

FINTRAC regulations apply when new credit is extended, including leases, rentals, or increases to credit limits on PitneyWorks accounts. You must provide this information even if you have an existing relationship.

What happens if you do not provide the required information?

If you do not provide the required information, the order remains on hold until the requirements are met.

Are any organizations exempt from these requirements?

The following groups are exempt from these requirements:

• Canadian government (federal, provincial, or municipal), including their departments, agencies, or organizations acting on their behalf.
• Healthcare.
• Publicly traded entities.

Does the size of the order affect the requirement?

All transactions require compliance. Order size does not affect this requirement.

How often do you need to provide this information?

Once submitted, information is typically valid for up to two years for the same legal entity, unless changes occur.

Who should complete the form?

The form is sent to the contact on the sales order. Any authorized individual within your organization can complete it.

Can the form be sent to someone else?

Yes, the form can be sent to someone else within your organization. Please email fintraccompliance@pb.com for assistance.

What should you do if you believe your organization is exempt?

If you believe your organization is exempt, your status must be reviewed and validated before proceeding. Please email fintraccompliance@pb.com for assistance.