What you need to know about FINTRAC

What is FINTRAC?

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor. It has a mandate to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control. This applies to all Canadian customers using Intuit's money service products, including Payments and Payroll services.

What does FINTRAC do?

FINTRAC collects, analyzes and discloses financial information and intelligence on suspected money laundering and terrorist financing activities. It was created as part of a Canadian government initiative to fight money laundering and terrorist financing, both domestically and internationally.

More information can be found about FINTRAC here.

Why are you asking for this information now?

As a result of new FINTRAC regulatory requirements, Intuit is updating certain elements within QuickBooks Online to ensure our products are compliant. To meet FINTRAC guidelines and maintain regulatory compliance, we now require this information from all customers in Canada using payments and payroll services.

How will these changes affect my firm and my clients?

These changes could result in longer approval times, and additional information may be requested to ensure approvals are completed. Customers who are not fully verified may not be able to process payments or payroll transactions.

What information does Intuit need from our customers?

Depending on your type of business, you may be asked to provide the following information:

• Title of the owner
• Name of address of all directors if your business is a corporation
• Name and address of all individuals with 25% or more ownership in your business
• Articles of incorporation

Who provides or where can I find the articles of incorporation?

The articles of incorporation are usually created at the time of incorporation and registration with the Canadian federal and/or provincial governments. This is typically created by the owners in partnership with a legal service provider.

What if I don’t have an articles of incorporation?

You can learn how to incorporate a business on the Government of Canada’s website.

How do I send Intuit my articles of incorporation and when?

Intuit will send you an email with a case number and a link. This will take you to an application allowing you to upload your document to the case. For more information on uploading documents you can visit our support article Verify your principal officer and business identity for payroll or payments accounts.

How will my information be used?

The information will be used to verify business identity in adherence to Canadian regulatory obligations, including:

• Verifying business name and business address
• Verifying names of directors
• Validating non-profit corporation registration status

Will I be able to complete and provide the new required information on behalf of my clients?

Yes, you will be able to complete and provide the required information on behalf of your clients.

Will these changes impact the time it takes for my client to be approved for direct deposit or payments?

Yes, these changes may impact the time it requires for client approvals for direct deposit or payments. On average, once documents are received, Intuit will review and make a decision of approval within 2 business days. Intuit will send you an email with a case number and a link that will allow you to track your application’s progress.

Will these changes affect my clients who have already set up QuickBooks Online Payroll and Payments?

Yes, FINTRAC will also affect clients that are already set up with QuickBooks Online Payroll and Payments. Existing customers will receive an email notifying them of the need to provide updated information.

When will I receive more information on impacts to my existing QuickBooks Online Payroll and Payments clients?

Starting December 16, 2024 existing customers will receive an email notifying them of the need to provide updated information. They will also see in-product prompts requesting that updated information be provided.

What if I put myself (Accountant/Bookkeeper) or another employee in my client’s business who is not the primary business owner?

If incorrect information is provided, the application will be denied and your client will not be able to use bank payments and/or direct deposit. A new application then must be submitted.

What if I use QuickBooks Online Payroll and/or QuickBooks Payments for my own accounting business?

If you are currently using QuickBooks Online Payroll and/or QuickBooks Payments for your own accounting business, you will be required to provide the information listed above starting in phase two in late December 2024.

Money movement services are provided by Intuit Canada Payments Inc.