Will I need to submit documents to Stripe for FINTRAC verification every year?
At this time, if your Communal Manger Dashboard says you have been verified then no further information is required. If anything else is needed, we’ll reach out to you directly.
However, it is important to note that as regulatory requirements evolve globally, you can expect Stripe's compliance process to evolve along with them.
Why is Communal making me submit all these documents and information?
Communal is not making you submit any documents or information. Stripe, Communal's payment processor is required by law to collect this information so that your organization can stay compliant with Canadian regulations. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is a government of Canada entity that creates regulations that businesses and organizations (including nonprofits and charities) must abide by. In 2024 FINTRAC released a set of regulations that requires Stripe (Communal's payment processor) to register as a money services business in Canada. This means they need to further verify the relationship between your Account Representatives and your nonprofit/charity. These regulations aim to help protect against online banking fraud and money laundering and involve a necessary process that organizations must complete to stay compliant and process funds online.
Communal is here to support you throughout this process but is not involved in making these regulations.