We recently sat down with Lavender Neff, our Director of Leasing Operations, to discuss AML compliance and what it means for our valued clients. Keep reading to learn more!

What is AML compliance? 

AML compliance is our way of making sure we’re financing excavators and trucks for legitimate businesses, not accidentally helping a crime show plotline come to life.

Think of AML compliance as a background check for our deals. Before we finance equipment, we need to understand who the customer is, who owns the company, and whether anything about the transaction seems unusual or suspicious.

Why is AML compliance becoming increasingly more important in the finance industry?

Gone are the days when money laundering was just a movie scene involving casinos, cash, and suspicious characters in dark sunglasses. Criminals have become far more sophisticated, finding ways to move money through legitimate-looking financial transactions, including equipment financing and vehicle leasing. Regulators took notice and expanded Canada’s FINTRAC requirements to cover financing and leasing entities.

Why was it important to Stride to become AML compliant? 

The short answer? Because it’s the law.

But beyond that, AML compliance helps us make sure we’re doing business with legitimate customers and supporting legitimate Canadian businesses. It protects Stride Capital from financial crime, strengthens trust with our partners and funders, and plays a small but important role in keeping Canada’s financial system safe, transparent, and trustworthy.

Put simply, we’re not just financing equipment. We’re helping finance a healthy and credible business environment.

What does it mean for Stride Capital clients? What can they expect to change?

Not a lot, but you may notice we’re a little more curious than before.

We’ll be asking a few additional questions about your business, ownership structure, and the people behind the company. Most of the information is information we’ve always wanted to know; now we’re legally required to make sure we have all of it before funding.

Clients should also expect to verify their identity either digitally or in-person and provide supporting documentation when requested.

At the end of the day, we’re not trying to make financing harder. We’re just making sure everyone is who they say they are and that our paperwork wouldn’t give an auditor heartburn.

Want to learn more? Get in touch with Lavender today. today.