Compliance built into our business.
We Form Pay operates within Canada's regulatory framework for Money Services Businesses and applies customer acceptance, verification and ongoing monitoring controls across its services.
Registered as a Canadian Money Services Business.
We Form Pay Inc. is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB).
FINTRAC MSB Registration Number: C100000243
Registered activities include:
FINTRAC registration confirms that We Form Pay is registered as a Money Services Business in Canada. It does not constitute a licence, approval or endorsement by FINTRAC.
Services designed for corporate customers.
We Form Pay provides its services to eligible business customers.
We do not provide personal payment accounts or consumer payment services.
All customers are subject to We Form Pay's customer acceptance and compliance requirements before services are activated.
Know Your Business and Know Your Customer.
As part of the onboarding and customer review process, We Form Pay collects and verifies information relating to the business and the individuals connected to it.
Depending on the customer and ownership structure, this may include information relating to:
- The company and its business activities
- Directors and authorised representatives
- Ultimate Beneficial Owners (UBOs)
- Shareholders and ownership structure
- Corporate shareholders
- Countries of operation
- Expected account activity
- Intended use of We Form Pay services
- Source of funds or other supporting information where required
Identity verification and supporting documentation may also be required as part of the review.
We Form Pay applies compliance controls throughout the customer relationship.
These may include:
- Customer and beneficial owner screening
- Sanctions screening
- Politically Exposed Person (PEP) screening
- Adverse media screening
- Customer risk assessment
- Transaction monitoring
- Ongoing customer review
- Source of wealth verification where required
- Requests for additional information or supporting documentation where required
Compliance controls may vary depending on the customer, activity, jurisdictions involved and services used.
Certain businesses and jurisdictions are not supported.
We Form Pay applies customer acceptance criteria to determine whether a business can be supported.
Certain business activities and jurisdictions are not currently accepted.
Customers should review the Customer Eligibility page before submitting an application.
Check Customer EligibilityWe Form Pay is not a bank.
We Form Pay Inc. is a registered Money Services Business and is not a bank.
Payment accounts and account-related services made available through We Form Pay use payment infrastructure provided through regulated partner institutions.
Balances held through We Form Pay are not bank deposits with We Form Pay and are not insured by CDIC or another deposit insurance scheme solely by virtue of being held through We Form Pay.
Our compliance framework is designed to support responsible access to We Form Pay's business payment, foreign exchange and digital asset services.
Customer acceptance and service availability are subject to applicable regulatory requirements, We Form Pay's internal policies and procedures, and ongoing compliance review.