As a result of the new FINTRAC regulatory requirements, Intuit is updating certain elements within QuickBooks to ensure products are compliant. To meet FINTRAC guidelines and maintain regulatory compliance, QuickBooks now requires this information from all customers in Canada who use their online payment and payroll services.
As your trusted advisors at SB Partners, we strive to deliver the most-up-to-date information to make your business processes seamless. We have outlined steps in a document to help assist with the new QuickBooks and FINTRAC payroll requirements. Please note that some of the content included comes directly from QuickBooks and FINTRAC websites.
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.
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
Customers who are not fully verified may not be able to process payments or payroll transactions. The deadline for compliance is March 20, 2025. The review process will take 7-10 business days. Don’t wait until it is too late!
