We are continuing to improve security by mandating that every employer enter their principal officer's information (Name, Social Insurance number, and date of birth) along with their bank information. This is in compliance with the Office of Foreign Asset Control (OFAC) that falls within the Executive Branch of the US. Treasury Department and the Anti-Money Laundering Act (AML).
Why is this being required?
This is a check required by the U.S. Government to fight the funding of terrorism and money-laundering activities. Federal law requires us to obtain, verify, and record information that identifies the principal officer listed on an account used for Electronic Services, including direct deposit. If the principal officer is a nonresident alien, the employer needs to provide additional documentation for review by the Compliance Team.
https://www.treasury.gov/resource-centre/terrorist-illicit-finance/Pages/Money-Laundering.aspx This site is currently only available in English & is a US based website.
https://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-Foreign-Assets-Control.aspx - This site is currently only available in English & is a US based website.
The valid, unexpired government issued ID must be legible.
Canada Online Accounts
- Canadian Issued Driver's License
- Canadian passport
- Foreign passport
Turnaround time for verification is 48 business hours from the time all updates have been made and documentation is received. Errors, inaccurate or missing information will delay the verification process.