Compliance

01 Overview

Canopay moves money for people and businesses in Canada, so it's subject to Canadian anti-money-laundering, sanctions and retail payment rules. This page summarises how we meet them.

02 Anti-money laundering

We run a compliance program under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act: a designated compliance officer, written policies, a risk assessment, staff training and regular reviews.

We monitor transactions for unusual activity and report to FINTRAC where the law requires it.

03 Identity verification

Every account holder is verified before they can hold a balance. Business accounts also identify their beneficial owners. We may ask for more information as an account's activity grows.

04 Sanctions

We screen customers and payments against Canadian sanctions lists and don't serve people or entities subject to them.

05 Safeguarding funds

Customer funds are held in segregated accounts at a Canadian financial institution, separate from Canopay's own money, and are not lent out. This is designed to meet the safeguarding requirements of the Retail Payment Activities Act.

06 Complaints

If something goes wrong, contact us first at legal@canopay.com. We'll acknowledge a complaint within two business days and tell you what we found and what we'll do about it.