Know Your Customer (KYC) requirements
As a Money Services Business (MSB), Chase has certain requirements to fulfill under Canadian regulations. Here’s how we are staying compliant.
Enhancing our KYC procedures
KYC refers to Know Your Customer procedures that MSBs are required to implement to verify the identity of their customers.
We will be undergoing a KYC renewal process. This will help us obtain a complete and up-to-date understanding of your business. It may require additional documentation to verify your identity and business operations.
Your guide to collaborating with Chase on KYC renewal
We will be undergoing a KYC renewal process to help us ensure we have a complete and up-to-date understanding of your business. It may require additional documentation to verify your identity and business operations.
What you need to do
We will contact you about the KYC renewal process and provide an overview of what to expect. This initial communication will outline the purpose of the uplift and the benefits it offers to your business.
1
Submit your documents
You will be asked to submit the following:
- Business registration documents
- Identification documents
- Business licenses and permits
- Verification documents
2
Wait for review
Chase will review the submitted documents to ensure compliance with regulatory requirements. Our team will verify the authenticity and accuracy of the information provided.
3
Receive confirmation
Once verified, Chase will confirm the completion of the KYC renewal process and provide any necessary updates or next steps. We will keep you informed of any changes or additional requirements that may arise.
General FAQ
Explore the frequently asked questions below
Failure to provide the necessary documents may result in delays or disruptions to your transaction processing and could impact your compliance status. It is important to submit the required information promptly to avoid any issues.
Chase is committed to protecting your information. All submitted documents are handled with the utmost care and in compliance with data protection regulations. We ensure that your data is secure and confidential.
KYC information may need to be updated periodically, especially if there are changes in regulations or your business operations. We will notify you of any updates or changes that may require your attention.
All businesses that partner with Chase as part of our MSB designation may be subject to the KYC renewal, particularly those with changes in transaction volume, business structure or regulatory requirements.
The duration of the KYC renewal process can vary depending on the complexity of your business and the completion of the submitted documents. We strive to finish the process as efficiently as possible.
We will reach out to you if we require additional documentation. Please ensure you have your most up-to-date contact information on file.
Yes, we will provide you with instructions to submit your documentation. Make sure you refer to the communication from Chase for next steps.