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 U.S.
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/about/organizational-structure/offices/Pages/Office-of-Foreign-Assets-Control.aspx This site is currently only available in English is a US based website.
Additional documentation may be required in order to verify the identity of the primary principal of the company. You will be notified of these additional requirements via email. These requirements can include updating the primary principal's information on file and providing documentation for the primary principal.
The valid, unexpired government issued ID must be legible and must have an expiration date listed.
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.