What's FINTRAC (& Why Are They Asking About My Business)?

Have QuickBooks, Plooto, Wagepoint or another payment app recently asked you to confirm your business information?

Lots of SMBs are seeing this, and it isn’t a bookkeeping error or a scam.

Canada has strengthened its FINTRAC requirements surrounding beneficial ownership. As part of their anti-money-laundering obligations, financial institutions and payment service providers may need to collect, verify and update information about the businesses using their services.

You may be asked to provide:

• Your legal business name and address

• Your business or corporation number

• Your business structure

• The names of directors

• Details for anyone who directly or indirectly owns or controls 25% or more of the business

• Supporting corporate or identification documents

New requirements that took effect October 1, 2025 also require certain FINTRAC-regulated organizations to report material discrepancies between their records and the federal beneficial ownership registry in specific high-risk circumstances.

That’s why your information needs to be accurate and consistent across your corporate records, bank accounts and payment platforms.

If you receive one of these prompts, don’t ignore it (it can result in your payment processing being put on hold) but always confirm that it appears inside the legitimate app or website before providing sensitive information. Incomplete verification may delay your ability to send or receive payments.

Not sure what ownership information your business should have on file? Your bookkeeper, accountant or lawyer can help you locate the right records.

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