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New data required for incoming & outgoing Canadian payments

As of June 1st, 2021, the Government of Canada is requiring new information for incoming and outgoing Canadian transactions. The additions are the result of changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and apply country-wide to all financial institutions/payment service organizations. Failure to include the new data after the deadline may result in held or rejected payments.

Funds sent from Canada:

  • Beneficiary name
  • Full beneficiary physical address* NEW

Funds sent to Canada:

  • Remitter/Originator name
  • Remitter/Originator physical address* NEW
  • Remitter bank name NEW
  • Remitter bank country NEW
  • Remitter bank address or Remitter bank SWIFT code NEW

Begin adding the new information as soon as possible to avoid delays. Contact your client manager for any questions or assistance.

*The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requires a complete physical address with a Street Number, Street Name, City, Province/State, Country and Postal Code/Zip Code. PO Boxes are not acceptable.


Examples: Common scenarios

  1. A food exporter in Montreal has sells products to retailer Harrods in the United Kingdom and bills Harrods in GBP. The exporter directs Harrods to settle the invoice into our Barclays bank account in London by July 1, 2021.

    Does this new regulation apply?

    Yes! As the food exporter is located in Canada, any payment they receive must include the remitter’s full physical address, bank name and country.
  2. A restaurant supplier in New York sold cookware to a client in Toronto. The supplier directed the Canadian client to pay the invoice into a bank account in Toronto by August 1, 2021.

    Does this new regulation apply?

    Yes! Even though the supplier is located in the United States, if the physical location of the bank receiving the funds is in Canada, the incoming payment will need to include the client’s full physical address, bank name and country. This new data must be included, even if the remitter/originator has been sending regular payments to this beneficiary for years prior to the implementation of the new regulation.
  3. A manufacturing corporation in France buys materials from a company in Canada and needs to pay their invoices by June 30, 2021. The payment from the French corporation must include the Canadian company’s full physical address as part of the beneficiary details.

FAQ

  1. When is this change happening?
    The changes are effective June 1st, 2021.
  2. Is this a new requirement for only Western Union Business Solutions customers?
    No, adding this new information to both outgoing and incoming Canadian payments is the result of changes made by the Government of Canada and applies to all payment service organizations and financial institutions.
  3. Why is this change occurring?
    The new information requirements are the result of changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. More information is available on the FINTRAC (The Financial Transactions and Reports Analysis Center of Canada) website.
  4. What happens if I do not have the new required information after the deadline?
    Any payment attempts made after the June 1st, 2021, deadline without the required information may be held or rejected.
  5. What about payments that were sent prior to June 1st, 2021?
    Payments sent prior to the implementation of this new regulation were not affected. However, due to this new Government of Canada regulation, the new data is a requirement.
  6. Does this only apply to Canadian dollars or also to USD, GBP and others sent to/from Canada?
    The currency does not matter in this instance. All payments sent into Canada or via a bank located in Canada and payments sent from Canada are subject to this new regulation.