Key Business Concepts in Canada: KYC (Know Your Client) in Canada

We’re excited to announce our upcoming webinar, featuring Kate Sydir, the Founder of Vizer Tax Accounting! Kate is a seasoned leader in the accounting industry and brings a wealth of knowledge in tax and financial planning for businesses and individuals.

Join us for this insightful session, where Kate will share her expertise and answer your questions. Don’t miss this opportunity to learn from an industry expert!

Overview:

• KYC is a crucial part of the financial system in Canada, requiring businesses to verify client identities, continuously monitor transactions, and maintain accurate records.

Key Aspects:

• Identity Verification: Collect and verify personal data, including government-issued IDs and proof of address.
• Ongoing Monitoring: Regularly monitor client transactions for unusual activities.
• Record Keeping: Keep detailed records of identification documents for audit and compliance purposes.
• Risk Assessment: Evaluate clients based on their business activities and transaction patterns. High-risk clients may need enhanced scrutiny.

Accounting Implications:

• Ensure accurate record-keeping for all client identification data.
• Understand that KYC isn't just a bureaucratic step—it's a protective measure for your business.
• Adapt to Canada's rigorous documentation requirements to maintain legal compliance and build client trust.

Host or Publisher IWB - Immigrant Women In Business. Svetlana 416 824.0015