Why do I have to open an account with a personalized cheque from a Canadian financial institution thats made payable to myself?
We use this cheque both as your initial deposit and as a final step to ensure your personal information is accurate. Under The Proceeds of Crime (Money Laundering) and Terrorist Financing Act, (the Act) we are required to collect two pieces of identification, and your personalized cheque acts as the first piece we collect. For more information on the Act, please click here to access Department of Justice Canada. With these measures in place, CDF strives to protect you and your personal information, helping ensure accounts are not opened under false pretenses.
Related Questions
- How long does the financial institution that holds the account on which the cheque is written have to return it through the clearings?
- Why do I have to open an account with a personalized cheque from a Canadian financial institution thats made payable to myself?
- Why do you need my Social Insurance Number and a personalized cheque to open an account?
