Know Your Customer (KYC) Solutions

Effective on December 31, 2008, the Client Identity & Verification Requirements (Know Your Client, or KYC) under By-Law 7.1 (Operational Obligations and Responsibilities) introduced by The Law Society of Upper Canada (LSUC) require all lawyers and paralegals to verify the identity of all clients (and any 3rd party beneficiary or principal for whom the client acts or represents), whenever they are being retained for legal services.

This was an initiative undertaken by the Law Society as a step towards anti-money laundering (AML) activities and with the hope of proactive identification of potential fraudulent client activities.

Complete By-Law details are available at http://www.lsuc.on.ca/index.aspx.

ESC Corporate Services can help you get identification verification information in one of the following ways:

  1. Order your identification verification searches using our self-service offering by logging into eService in the top-right corner of this page;
  2. Contact us by phone, fax, or email and let our expert staff help provide the documentation you need or submit our Corporate Securities Search Order Form.

Either way, we’ll do our best to help you get the information you need to fulfill these Know Your Client (KYC) requirements in a time efficient and cost effective manner. For more information, contact us at [email protected] or 1-800-668-8208 (416-595-7177).

What you Need to Know about your Clients

Individuals: To verify identity of a “person”, you will have to collect, document and retain the person’s full name, business address and phone number, home address and phone number, and their occupation. You are required to obtain and review an original government-issued document that can include one of the following:

  • Driver’s license
  • Birth certificate
  • Provincial health card (where permitted for identification purposes)
  • Passport
  • Other similar record

Corporations and Organizations: To verify identity of an organization (e.g., corporation, partnership or trust), you are required to obtain and keep a record of the organizations full legal name, business address and phone number, incorporation or business identification number and the place of its registration, as well as the general nature of business.

 

You must also document the name, position and contact information of the individuals authorized to provide instructions on behalf of the organization. In order to properly verify the identity of the organization, you must obtain and review a written confirmation from a government registry as to the existence, name and address of the organization including the names of the directors or officers in the Case of Corporations, Non-Profit Associations, Societies, etc.

Documents that meet this requirement include:

  • Corporate Profile Report
  • Corporate file search
  • Certificate of Corporate Status
  • Annual filings of the organization
  • Partnership or trust agreement
  • Articles of Association
  • Business Names Report

For the purposes of identification verification of your corporate customers, we recommend ordering a Corporation Profile Report and Certificate of Status. If your customer is an unincorporated Business, we recommend ordering a Business Name Report. Note that these are only suggestions as additional information may be required in order to fully satisfy the Know Your Client regulation requirements.

KYC requirements are also relevant to Financial Services. To read more information relevant to the Financial industry and AML requirements, click here.

How We Can Help

ESC will conduct identification verification on your corporate clients, Businesses and Individuals.

For detailed information on how we can help, select from the following links:

Corporate Searches (Corporate Profile Report, Certificate of Status and other Corporate Searches)

Business Name Searches