New Government Regulations

Effective June 1, 2021

Interior Savings is informing our business members of new government regulations taking effect on June 1, 2021, and how these will impact your banking.  

As of this date, the Government of Canada will require all Financial Institutions and Reporting Entities to collect and record additional information. Because businesses will see the largest impacts, we want to ensure you know in advance how these new regulations will affect your banking.

Cash Deposits under $1,000 & all Cheque Deposits

All cheque deposits and cash deposits under $1,000 will require the first and last name of the depositor. This also applies to business staff and runners who make deposits on behalf of your business.

First and last name can be provided:

  • Clearly written on the deposit slip used to make an in-branch deposit
  • Verbally at the time of the deposit
  • By inserting a note with the name of the depositor in the deposit book

Note - The name of the depositor is not required for ATM deposits or night deposits.

Negotiating Drafts, Cheques and Money Orders totalling over $3,000 

We will require the full name of the person or business who purchased the draft, cheque or money order of $3,000 or more.

Cash Deposits Over $1,000

The following information will be required from depositors, including business staff and runners, when making cash deposits over $1,000:

  • First and last name
  • Personal address
  • Date of birth
  • Occupation
  • Purpose of the transaction, if outside the norm for your business

Note - The name of the depositor is not required for ATM deposits or night deposits.

Beneficial Ownership

You may be asked more frequently for documentation verifying ownership or control of your business. Examples of when we may ask for this verification include new investments and lending.

We appreciate you may have questions about these new regulations and are here to help.​

Please don't hesitate to get in touch with your local branch or your Business Account Manager for more details.