Questions & Answers

What are the main objectives of this Act?
  • Implement specific measures to detect and deter money laundering and the financing of terrorist activities;
  • Facilitate the investigation or prosecution of offences to this Act;
  • Respond to the threat posed by organized crime. 
How does the government monitor enforcement of this Act?

Through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This organization is responsible for collecting, analyzing and disclosing information. 

Why is the Fonds subject to these rules?

Like other financial institutions, the Fonds is subject to this Act and its regulations. The information requested in the appendix allows the Fonds to meet some of its obligations under this Act. 

These verifications only apply to non-RSP accounts. Why don’t they apply to RRSP, spousal RRSP and RRIF accounts?

RRSP, spousal RRSP and RRIF accounts are exempt from the identity verification requirement under this Act and its regulations. 

Why do I have to complete an additional document (appendix) to open a non-RSP account?

This is the method the Fonds decided to use to comply with the requirements of the Act. 

I already have opened a non-RSP account, and I wish to make an additional non-RSP contribution. Must I complete the appendix?

Yes. You must complete the appendix if you opened your account after June 12, 2002 and never completed the appendix. 

Are deposits in a non-RSP account from an employer (e.g. sick day bank) subject to the Act?

Yes. When a transaction involves opening a non-RSP account, the appendix must be completed and signed. There are no exceptions to this rule. 

Can I open an account for a third party at the Fonds?

No, the Fonds does not accept any proxies.