Electronic statements should be maintained in a password-protected file. Use password protection for electronic files. Hard copy statements should be kept in a secure, fireproof location that can be easily accessed. It may seem easier to just keep your records forever rather than setting aside time to organize them.
It's not a great idea, though, primarily because of the potential for identity thieves to get them. Documents that should be shredded include the following:. When you're ready to dispose of your bank statements, make sure you actually shred them. Just ripping them in half, isn't going to stop identity thieves from piecing together your personal information. Shredders are now small, portable, and cheap.
If your paper volume is enormous, shredding services can be bought. Some banks will shred your statements for free on request. Checking Accounts.
Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. The Federal Deposit Insurance Corporation requires banks and other financial institutions to implement Customer Identification Programs in an effort to prevent money laundering.
These programs mandate that banks obtain and retain checking and savings account customer data, including contact, identification and tax information. FDIC regulations stipulate that banks must keep this information for five years after the account is closed. Under the Bank Security Act, banks must keep a detailed history of each checking and savings account for at least five years after the information is obtained. While banks can keep this information in any form they choose — electronic, microfilm, original or copy — it must be easy to access if requested.
These records must include the original or a copy of the payment order, name and address of the originator and beneficiary, date of transfer, account and banking information and any special instructions. When you transfer or receive VC as compensation for the validation of a transaction that is recorded in a distributed ledger , or when you exchange, transfer, or receive a nominal amount of VC for the sole purpose of validating a different transaction or a transfer of information, you do not need to keep a record of: Footnote You do not have to keep the transaction and account records identified in this guidance for the following activities: Footnote These exceptions do not apply to large cash transactions, large VC transactions, or suspicious transactions.
If you open a group plan account other than those for which exceptions already apply you do not have to keep a signature card for a person who is a member of the plan if:. A chartered accountant, a certified general accountant, a certified management accountant or, if applicable, a chartered professional accountant. Footnote 1 comptable. An entity that is engaged in the business of providing accounting services to the public and has at least one partner, employee or administrator that is an accountant.
Footnote 2 cabinet d'expertise comptable. An entity is affiliated with another entity if one of them is wholly owned by the other, if both are wholly owned by the same entity or if their financial statements are consolidated.
Has the same meaning as in subsection 1 of the Income Tax Act Footnote 5 rente. The completion and submission of the STR should take priority over other tasks. In this context, the report must be completed promptly, taking into account the facts and circumstances of the situation.
While some delay is permitted, it must have a reasonable explanation. Occurs when an individual or entity starts to conduct a transaction that is not completed.
In respect of verifying identity, means genuine and having the character of an original, credible, and reliable document or record. A person who is authorized under subsection 45 2.
A person who is authorized by a holder of a prepaid payment product account to have electronic access to funds or virtual currency available in the account by means of a prepaid payment product that is connected to it. The ultimate beneficial owner s cannot be another corporation or entity; it must be the actual individual s who owns or controls the entity.
A beneficiary is the individual or entity that will benefit from a transaction or to which the final remittance is made. A branch is a part of your business at a distinct location other than your main office. An entity that carries on the business of providing notary services to the public in British Columbia in accordance with the Notaries Act, R. Footnote 9 notaire public de la Colombie-Britannique. Coins referred to in section 7 of the Currency Act, notes issued by the Bank of Canada under the Bank of Canada Act that are intended for circulation in Canada or coins or bank notes of countries other than Canada.
A government, organization, board or operator that is referred to in any of paragraphs 5 k to k. Footnote 11 casino. An individual that holds the title of professional certified translator granted by a Canadian provincial or territorial association or body that is competent under Canadian provincial or territorial law to issue such certification.
This request is usually sent by email. A person or entity that engages in a financial transaction with another person or entity. Footnote 12 client. The identifying information that you have obtained on your clients, such as name, address, telephone number, occupation or nature of principal business, and date of birth for an individual.
For the purpose of the criminal record check submitted with an application for registration, a competent authority is any person or organization that has the legally delegated or invested authority, capacity, or power to issue criminal record checks. Is a transaction conducted by a person or entity, that is completed and results in the movement of funds, virtual currency, or the purchase or sale of an asset.
The individual, with the necessary authority, that you appoint to be responsible for the implementation of your compliance program. Written methodology outlining the obligations applicable to your business under the PCMLTFA and its associated Regulations and the corresponding processes and controls you put in place to address your obligations.
All elements compliance officer, policies and procedures, risk assessment, training program, effectiveness review that you, as a reporting entity, are legally required to have under the PCMLTFA and its associated Regulations to ensure that you meet all your obligations.
Clarifies a set of circumstances or provides an explanation of a situation or financial transaction that can be understood and assessed. A relationship created by an agreement or arrangement under which an entity referred to in any of paragraphs 5 a , b , d and e or an entity that is referred to in section 5 of the Act and that is prescribed undertakes to provide to a foreign financial institution services such as international electronic funds transfers, cash management, cheque clearing and any prescribed services.
Footnote 13 relation de correspondant bancaire. The country where an individual has lived continuously for 12 months or more. The individual must have a dwelling in the country concerned.
For greater certainty, a person only has one country of residence no matter how many dwelling places they may have, inside or outside of that country. A credit card acquiring business is a financial entity that has an agreement with a merchant to provide the following services:.
A central cooperative credit society, as defined in section 2 of the Cooperative Credit Associations Act , or a credit union central or a federation of credit unions or caisses populaires that is regulated by a provincial Act other than one enacted by the legislature of Quebec.
In respect of a document or source of information that is used to verify identity, is up to date, and, in the case of a government-issued photo identification document, must not have been expired when the ID was verified.
A person or entity that, in the course of their business activities, buys or sells precious metals, precious stones or jewellery. It includes a department or an agent of Her Majesty in right of Canada or an agent or mandatary of Her Majesty in right of a province when the department or the agent or mandatary carries out the activity, referred to in subsection 65 1 , of selling precious metals to the public.
Has the same meaning as in subsection 1 of the Income Tax Act. A record that sets out: Footnote A business is directing services at persons or entities in Canada if at least one of the following applies:. Additional criteria may be considered, such as if the business describes its services being offered in Canada or actively seeks feedback from persons or entities in Canada.
For the purpose of section of the Proceeds of Crime Money Laundering and Terrorist Financing Regulations PCMLTFR , a digital ledger that is maintained by multiple persons or entities and that can only be modified by a consensus of those persons or entities.
With respect to a reportable transaction, the disposition is what the funds or virtual currency was used for. For example, an individual arrives at a bank with cash and purchases a bank draft.
The disposition is the purchase of the bank draft. The transmission—by any electronic, magnetic or optical means—of instructions for the transfer of funds, including a transmission of instructions that is initiated and finally received by the same person or entity. It does not include a transmission or instructions for the transfer of funds: Footnote A body corporate, a trust, a partnership, a fund or an unincorporated association or organization.
Actual events, actions, occurrences or elements that exist or are known to have happened or existed. Facts are not opinions. For example, facts surrounding a transaction or multiple transactions could include the date, time, location, amount or type of transaction or could include the account details, particular business lines, or the client's financial history.
For the purposes of subsection 9. A currency that is issued by a country and is designated as legal tender in that country. Footnote 23 monnaie fiduciaire. In respect of an electronic funds transfer, means the receipt of the instructions by the person or entity that is to make the remittance to a beneficiary. Footnote 24 destinataire. Means: Footnote A financial services cooperative that is regulated by an Act respecting financial services cooperatives, CQLR, c.
A fiat currency that is issued by a country other than Canada. Footnote 28 devise. An exchange, at the request of another person or entity, of one fiat currency for another. A record respecting a foreign currency exchange transaction—including an entry in a transaction register—that sets out: Footnote Persons and entities that do not have a place of business in Canada, that are engaged in the business of providing at least one of the following services that is directed at persons or entities in Canada, and that provide those services to their clients in Canada: Footnote Except for the purposes of Part 2 of the Act, means a country other than Canada and includes any political subdivision or territory of a foreign state.
For greater certainty, it does not include virtual currency. You also can use it to cut up old credit, debit and identification cards, if your shredder can accommodate plastic. When deciding how to store your documents, consider accessibility and security.
You should be able to get your documents when you need them and protect them from falling into the wrong hands. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct.
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