What if one of my clients does not have personal cheques?
Please note the reason that we request personal cheques: The Office of the Superintendent of Financial Institutions (OSFI) regulations regarding anti-money laundering procedures requires us to verify client information with two pieces of identification prior to opening an account. Since this was done when the personal chequing account was opened, and we are unable to meet most of our clients face to face, we fulfill this requirement by only accepting personal cheques. If an applicant is unable to provide a personal cheque: They may send a money order, providing the application is accompanied with a Verification of Identification form completed by a Registered Referring Agent of HorizonPlus as well as copies of the identification that was physically seen by the agent. HorizonPlus will require two pieces of identification issued by a Canadian Government agency, one of these must contain a photograph and signature.
Related Questions
- When a cheque is honoured, who does it belong to? does the paying bank keep it or is the issuer entitled to it and the bank obliged to return it to the issuer if the issuer requests its return?
- Can clients be compensated for non-compliant cheques that can no longer be used?
- What if one of my clients does not have personal cheques?
