1. When is virtual verification required for entities or non-individuals?
You need to verify an organization if:
Your firm is retained by an organization (other than financial institutions, public bodies, or reporting issuers) to provide legal services.
Your firm engages in or instructs the receipt, payment, or transfer of funds (excluding exemptions).
2. Who needs to be verified before acting on behalf of an organization?
You must verify the identity of the individual giving instructions on behalf of the organization. This can be done using Realaml’s FaceMatch or Face IDV tools.
3. How do I confirm the existence of a corporation or registered organization?
For a corporation or other registered organization, confirm its existence, name, and address by reviewing one of the following:
A certificate of corporate status issued by a public body (e.g., government).
A copy of a record obtained from a public body that the organization files annually under applicable legislation (e.g., annual government filings).
A copy of a similar record obtained from a public body confirming the organization’s existence.
4. How do I confirm the existence of an unregistered organization (e.g., a trust or partnership)?
For organizations not registered in a government registry, review a copy of the organization’s constating documents or a similar record, such as:
A trust agreement.
A partnership agreement.
Articles of association.
Other similar records confirming the organization’s existence.
5. What additional information should I collect about an organization?
For Corporations or Other Organizations:
The name, address, and occupation(s) of each director (unless the organization is a securities dealer) and of each person who owns 25% or more of the organization or its shares.
For Trusts:
The names and addresses of all trustees, known beneficiaries, and settlors of the trust.
For All Organizations:
Information identifying the ownership, control, and structure of the organization.
6. Why is virtual verification important?
Virtual verification ensures your firm complies with Canadian AML regulations by:
Confirming the identity of individuals acting on behalf of an organization.
Verifying the existence and structure of organizations.
Reducing the administrative burden with tools like Realaml’s FaceMatch and Face IDV, making the process secure and efficient.