PLEASE NOTE: This article was published on the date listed below and may now contain information that has since been updated or changed. We have retained this article as it may still contain helpful comments. However, we advise you to make an appointment to see us for the most up to date information on this topic.
Identification is Necessary
The world is changing. Now we have to change the way in which we deal with clients. The Financial Transactions Reporting Act and the Land Transfer Act both require us to make an accurate identification of the individual. In the past our requirements as to identification of clients were flexible. This, unfortunately, has to change.On many more occasions we will need to verify our clients identity. The best way for us to do that is require photographic identification from all clients. We will retain a copy of the identification on the client’s file. For clients who deal with us regularly, this need only occur once. For clients who deal with us less frequently we may ask for photographic identification on each occasion. Where we are acting for a company, photographic identification will be required of the directors. Where we are acting for a trust, photographic identification will be required of the trustees.
Please do not be offended. We have to comply with the law. You would expect us to. Further, compliance will offer you a greater protection particularly when we are involved in financial transactions on your behalf.
Times are changing – photographic identification is now a necessity.