What You Need to Know About FINTRAC
At Tournkey, we’re committed to making event tourism seamless by managing user experience with secure, and efficient solutions. To do this, we require certain pieces of information from all our users—whether you’re an event organizer, participant, or administrator. Our data collection process is designed with security, compliance, and user experience in mind, ensuring a frictionless yet safe environment for all financial transactions, communication, and event coordination.
This article explains why we collect your information, how we use it, and the safeguards we have in place to protect your data. It also outlines important verification requirements, including email validation for event communication and phone number validation for payments.
Why Tournkey Collects User Information
Every piece of information we collect has a specific purpose that enhances your experience and ensures compliance with industry regulations:
1. Secure Communication & Event Coordination
- Email Validation is Required for All Users: To ensure seamless communication between event organizers, teams, and participants, all Tournkey users must validate their email address. This prevents missed updates and enhances event logistics.
- Event announcements, schedule changes, and payment confirmations are all sent via email, making verification essential.
2. Fraud Prevention & Payment Security
- Phone Number Validation is Required for All Payments: To reduce fraud and ensure real-time payment security, all users making payments through Tournkey must validate their phone number.
- This step confirms the legitimacy of transactions and helps prevent unauthorized payments or disputes.
3. Compliance with Financial Regulations (FINTRAC)
As part of Canada’s regulatory framework, Tournkey must adhere to the guidelines set by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). These measures help prevent financial crimes such as money laundering and fraudulent transactions.
- Tournkey is legally required to collect and verify certain information from organizations processing payments on our platform.
- Failure to provide necessary verification may result in delayed approvals or temporary restrictions on payment processing.
For more details on FINTRAC requirements and how they affect you, continue reading below.
How We Protect Your Information
We understand that privacy is important, which is why we take every measure to protect your data:
- Your information is never shared or sold to third parties.
- We use industry-standard encryption to protect sensitive data.
- You can manage and review your information in your Tournkey account settings at any time.
For more details, review our Privacy Policy and Terms & Conditions.
Understanding FINTRAC & Verification Requirements
Now that you know why Tournkey collects certain information, let’s dive into FINTRAC compliance and the specific verification steps required for organizations using our payment services.
What is FINTRAC?
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor. Its mission is to detect, prevent, and deter financial crimes while ensuring compliance with Canadian regulations. This applies to all Canadian customers using Tournkey’s financial services, including payments and transactions.
What Does FINTRAC Do?
FINTRAC collects, analyzes, and reports financial information related to suspected money laundering and terrorist financing activities. Established as part of the Canadian government’s initiative to combat financial crimes, FINTRAC plays a critical role in safeguarding financial integrity domestically and internationally.
For more information, visit FINTRAC’s website.
Why is Tournkey Asking for This Information?
To comply with updated FINTRAC regulations, Tournkey is enhancing its verification processes. These changes ensure our platform remains fully compliant and secure while continuing to provide seamless payment and financial transaction services.
How Will These Changes Affect Organizations Using Tournkey?
Organizations may experience longer approval times as additional verification may be required. Customers who are not fully verified may face restrictions on processing payments or financial transactions.
What Information Does Tournkey Require from Organizations?
Depending on the type of organization, the following information may be requested:
For Sole Proprietors:
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Owner title (use "Chief Executive Officer" if no other title applies)
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Government-issued ID
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Utility bill
For Co-Owned Businesses:
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Names and addresses of all individuals with 25% or more ownership
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A valid government-issued document containing the business name and address, director names, or both. Acceptable documents include:
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Company/Corporate Profile Report
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Articles of Incorporation
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Certificate of Incorporation
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Business license (unexpired)
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For Corporations:
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Names and addresses of all directors
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A valid government-issued document containing business name, address, and director names (e.g., Articles of Incorporation, Certificate of Incorporation, Business License)
For Non-Profit Organizations:
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Owner title (e.g., CEO or designated representative)
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Names and addresses of all directors (if incorporated)
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A valid government-issued document containing business name, address, and director names
This information is used solely to verify business identity and ensure compliance with Canadian regulations.
How Do I Submit My Documents?
Tournkey will send an email with a secure link to upload your documents. Follow the instructions provided to complete the submission process. For additional details, visit our support page on business verification.
How Will I Know If My Documents Have Been Successfully Uploaded?
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A progress bar will display during the upload process.
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Once uploaded, the document will appear below the "Add" button for the corresponding document type.
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Click "Review and Finish" to confirm successful submission.
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A green check mark will appear next to completed document requirements.
Note: You may continue to receive upload prompts for 2-3 business days after submission. If you have already successfully uploaded your documents, no further action is required.
How Long Does the Process Take?
The verification review typically takes 7-10 business days.
How Will My Information Be Used?
This information is strictly used to verify business identity and fulfill regulatory obligations, including:
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Confirming business name and address
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Validating the names of directors
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Ensuring compliance with FINTRAC’s anti-money laundering requirements
What Happens If I Don’t Submit the Required Information?
Organizations that do not provide the requested verification documents by March 20, 2025, may have their ability to process payments and transactions suspended until compliance is met.
Will These Changes Impact Existing Users?
Yes, even organizations already set up on Tournkey may be required to submit updated documentation.
Can I Submit Documents on Behalf of My Clients?
Yes, authorized representatives can complete and provide the required information on behalf of their clients.
Will These Changes Affect Approval Times for Direct Deposits and Payments?
Yes, the updated verification process may extend the time required for approvals. However, once documents are received, Tournkey aims to complete the review within 2 business days.
What If I No Longer Use Tournkey’s Payment Services?
If you receive a request for verification but no longer use Tournkey’s payment services, it is because your account remains active. If you plan to continue using these services, you must submit the requested information.
What If I Manage Multiple Organizations?
If you manage multiple Tournkey accounts, ensure that you log into the correct account when submitting documents. The correct organization name will be listed in the verification request email.
What If I’m Receiving Emails for a Client I No Longer Work With?
If you have removed yourself as an administrator but are still receiving emails, you may still be listed as the primary admin user. To update this, follow the instructions in our support article on changing the primary admin user.
Final Reminder
To continue using Tournkey’s payment services without disruption, please ensure all required documents are submitted before March 20, 2025. If you have any questions, contact our support team for assistance.
Money movement services are provided by Tournkey Tournament System Inc.