AmericasCanadaLicensed-entity research

Bank of Montreal

Bank of Montreal (a federally regulated Canadian domestic bank; this entry refers only to the Canadian bank entity, excludes its U.S. subsidiary BMO Bank, N.A., and does not substitute brands or holding company names such as BMO Financial Group)

OSFI’s federally regulated institutions CSV directly lists Bank of Montreal, and the CDIC register also lists it as a member. BMO’s public newcomer program includes a pre-arrival account-opening option, but this does not mean that general foreign residents or foreign companies can all apply or be approved; eligibility and specific product terms should be confirmed in writing with BMO.

Regulator: Office of the Superintendent of Financial Institutions (OSFI); deposit protection for Canadian banks is separately provided by the Canada Deposit Insurance Corporation (CDIC).
Check date: 2026-10-26
Verify status: Some information is pending confirmation: OSFI’s official public dataset has been checked by name to verify that Bank of Montreal is a federally regulated domestic bank. BMO’s website publishes a specific personal account route for newcomers and business account products; public BMO materials have not confirmed eligibility for ordinary overseas nonresidents, foreign companies, dynamic corporate document lists, or general remote account-opening conditions, which should be verified with the bank.

Research scope and official resources

Topic number:americas-bank-of-montreal

Publicly available large-institution selection by 2025/2026. This background only describes the research selection lead for this entry; it is not a current top 100 ranking and does not constitute a conclusion on licensing, product suitability, or application acceptance.

Bank’s official website

Personal Eligibility and Documents

BMO publicly offers newcomer services, with routes for permanent residents, foreign workers, and international students studying in Canada, among others. BMO NewStart is described as serving newcomers who have been in Canada for no more than five years and says eligible newcomers may arrange to open an account before arriving in Canada. BMO’s account-opening instructions give a permanent resident card or IRCC document, along with government-issued identification, as examples after arrival; before arrival, the examples are a national passport and an IRCC document. The website expressly states that actual document requirements may vary by bank and individual circumstances. The website does not publish a uniform rule sufficient to confirm that all ordinary non-residents, visitors, or applicants from any country can use BMO Canada accounts, and does not fully disclose every restriction by immigration status, country of origin, product, or remote verification method. The Financial Consumer Agency of Canada says that non-Canadian citizens or people living abroad may be able to open an account at a Canadian bank with appropriate identification, but may need to apply in person. This is a general statement about rights, not a commitment by BMO to accept applications.

Personal information publicly disclosed or identified

The examples listed in BMO’s newcomer account-opening information are not a closed list applicable to all customers: applicants who have arrived in Canada may present a Canadian permanent resident card or IRCC document, along with government-issued identification such as a passport or Canadian driver’s licence; applicants applying before arrival may use a national passport and an IRCC document. BMO says document requirements may vary by status and circumstances; confirm the applicable combination with the bank.
General identity verification information from the Financial Consumer Agency of Canada: provide original documents from two reliable sources, one showing name and address and the other showing name and date of birth. Listed sources include Canadian federal or provincial government identification, a recent notice of assessment, a government benefits notice, a Canadian utility bill, a recent bank or credit card statement, and a foreign passport. The agency also explains that under one identity verification method, an original document from a reliable source showing name and date of birth may be used together with confirmation of identity by a person known to the bank or a person of good standing in the local community. This describes general Canadian rules; it is not a document checklist specific to every BMO applicant.
BMO states that an SIN is generally not required for a basic account; an SIN must be provided for tax reporting when opening an interest-bearing account. BMO also states that an SIN and Canadian address are required when applying to open an account online from within Canada. Confirm any exceptions for the specific account and application channel with BMO.

Company eligibility and documents

BMO Canada’s website confirms that it offers business chequing and savings accounts and asks applicants to check whether they may apply online and what documents are required based on their business type. The business-type and document selector on the business account page was not rendered in the public-page extraction reviewed, so the complete eligibility requirements for each type of Canadian corporation, partnership, sole proprietorship, or company incorporated abroad could not be verified. BMO should confirm in writing on a case-by-case basis whether a foreign legal entity or non-resident controller is eligible, which places of incorporation it accepts, where the account must be opened, where signatories must be located, and which steps can be completed remotely, based on the proposed legal entity and product. Product descriptions for Canadian business customers should not be treated as a global business acceptance policy.

Company information publicly disclosed or identified

BMO Canada’s business-account page directs applicants to check whether they can open an account online and what documents are required based on business type. The readable page reviewed did not display the complete dynamic document list, so the following is not a business account-opening checklist published by BMO.
General preparation suggestion (not a BMO policy guarantee): Company incorporation/formation certificate and current registration details; a chart of directors, control, and ownership structure; information on individual owners who directly or indirectly own or control at least the applicable threshold; identification and authorization documents for the legal representative and authorized signatories; business address, nature of business, expected account purpose, and an explanation of the source of funds. FINTRAC’s customer identification and beneficial ownership record-keeping obligations for regulated financial entities support the possibility that a bank may require relevant information to be verified, but do not mean that BMO has publicly specified the form of every document or a specific checklist.
General preparation suggestion (not a BMO policy guarantee): A company tax-residency self-certification; Canadian Business Number/tax number and foreign tax identification number, where applicable; and tax-residency information for the account-opening signatory and actual controllers. CRA’s CRS guidance explains that financial institutions may require account holders to self-certify their tax residence, and entity accounts may also require related information.

Address, tax, and remote / witnessed procedures

Address and tax

Address: BMO’s public information specifies only that an address in Canada is required when applying online for its personal accounts from within Canada. This does not confirm that the same proof of address is required for all branch applications, applications by newcomers before arriving in Canada, or applications from overseas. The Financial Consumer Agency of Canada lists examples of original documents with name/address information that may be used for general identity verification, but BMO’s specific acceptable documents should be confirmed. Tax identification: BMO says a SIN is generally not required for basic personal accounts, but is required for interest-bearing accounts for tax reporting; its online account-opening information requires individuals applying in Canada to provide a Canadian address and SIN. CRA CRS self-certification materials cover residential address, tax-resident jurisdictions, and applicable Canadian/foreign TINs; residents of reportable jurisdictions may be required to provide a foreign TIN when applicable. The BMO pages reviewed do not fully explain business tax identification numbers or documents for companies incorporated overseas.

Remote / witnessing

BMO publicly describes a specific pre-arrival account-opening route for certain newcomers, but this does not establish that the service is available to people of all nationalities, statuses, or customer types. No generally applicable commitment to worldwide video account opening, remote witnessing, or third-party witnessing was found. BMO also says that newcomers may need to visit a branch. Canadian identity-verification rules generally permit several methods of identification, but that does not mean BMO must accept third-party witnessing or has the capacity to open accounts remotely worldwide.

Public process reference

Individual applicants should first confirm whether they fall within the population covered by BMO’s published newcomer program or pre-arrival account-opening pathway, and select a specific personal account. Do not treat a newcomer product as a commitment to open an account for ordinary overseas non-residents.
Prepare the original identity documents listed as examples by BMO as of the application date, and ask BMO to confirm the complete set of documents matching the specific immigration status and account. BMO states that online applications from within Canada require a Canadian address and SIN, and that some newcomers may need to apply at a branch.
Business applicants should select their business type and product on the BMO business account page and check the online application eligibility and document options actually provided on the page. As the page extraction for this review did not show the dynamic checklist, foreign-registered businesses should first confirm with BMO whether their legal entity and control structure can be served, which branch/channel to use, and the complete document requirements.
Individuals and businesses must complete the bank's identity verification and applicable beneficial-owner and tax-residency self-certification, and provide additional information if requested by BMO. Review periods, approval, and available services are subject to BMO's decision; the website gives no generally applicable promised timeframe.

Compliance topics, details, and sources

Canadian AML/KYC and account identity verification

Under Canada’s PCMLTFA and its regulations, FINTRAC guidance requires financial entities to verify the identity of individuals, corporations and other entities seeking to open accounts. An account must not be opened if verification has not been completed as required before the first transaction, except for the initial deposit. FINTRAC also requires client information to be updated on an ongoing, risk-based basis and the relationship and transaction activity to be reviewed. This describes Canadian regulatory requirements, not a full disclosure of BMO’s internal review steps for every account.

Source:FINTRAC — When to verify the identity of persons and entities: Financial entities ；FINTRAC — Ongoing monitoring requirements

Beneficial owners, control and review of source/use of funds

FINTRAC identifies individuals who directly or indirectly own or control at least 25% as key targets for beneficial owner identification for corporations and other entities. It requires obtaining the names and addresses of directors and relevant beneficial owners, and information on the ownership/control structure, and taking reasonable measures to confirm accuracy. Ongoing monitoring also involves the purpose and expected nature of the business relationship, whether transactions are consistent with client information and the risk assessment, and, where necessary, the bank may request further verification of the source or purpose of transaction funds or the source of wealth. Public information does not establish that BMO requires the same source-of-funds documents from every account applicant, so the specific list should be confirmed with BMO based on risk and the circumstances of the application.

Source:FINTRAC — Beneficial ownership requirements ；FINTRAC — Ongoing monitoring requirements

Canadian tax residency self-certification, CRS and U.S. FATCA

Under Part XIX of Canada’s Income Tax Act, the CRA implements CRS due diligence and information reporting. Account applicants may be asked to declare their tax residence, address and applicable tax identification number; entity accounts may also require entity classification and tax information. BMO states publicly that account information for U.S. persons is reported through Canada’s CRA, which exchanges it with the IRS under the Canada–U.S. tax treaty. U.S. matters should be described under the FATCA framework, not as CRS participation. Whether an account is reportable depends on applicable rules and the customer’s circumstances.

Source:BMO — Foreign Account Tax Compliance Act (FATCA) ；Canada Revenue Agency — Guidance on the Common Reporting Standard

Canadian sanctions and prohibited-transaction screening

Canadian sanctions regulations may impose financial prohibitions, asset freezes and other transaction restrictions on persons/entities in Canada and Canadians. Global Affairs Canada recommends checking sanctions lists and specific regulations and considering direct or indirect connections and transaction activity. Transactions may be restricted or prohibited if a bank or applicant is involved with a restricted person, region, funds or services. This describes the Canadian legal environment; it does not mean that this file has verified the screening result for any particular BMO customer.

Source:Global Affairs Canada — Canadian sanctions: Essential information

CDIC membership and the limits of deposit protection

The public CDIC member directory lists Bank of Montreal and associated trade names, including BMO Bank of Montreal, BMO Commercial Bank and BMO Financial Group. Membership does not mean that all products, account holders or deposits are covered. Eligibility is subject to CDIC rules, including eligible deposit categories, member institution and statutory limits; check the specific product and holder.

Source:Canada Deposit Insurance Corporation — List of member institutions

Compliance evidence

Account-opening compliance and supporting-document checklist

The bank’s stated requirements, local regulations, and preparation recommendations are presented separately. Acceptance in a specific case is subject to confirmation by the bank.

This guide concerns Bank of Montreal, a federally regulated domestic bank in Canada, and does not include its U.S. subsidiary. BMO’s public article on personal accounts for newcomers provides examples of identification documents, but does not confirm that ordinary individuals abroad or foreign companies are eligible to open accounts. The business section is for preparation only and is not a complete BMO document checklist or a commitment to open an account.

Date information checked:2026-10-26

Information evidence package

Personal identity, immigration circumstances and tax information

Who it applies to: New immigrants intending to apply for a BMO Canada personal account; this does not confirm acceptance of all non-residents or other categories.
Documents to Prepare: Those who have already arrived in Canada may prepare a permanent resident card or IRCC documents and bring original government-issued identification, such as a passport or Canadian driver’s licence. Examples of documents to bring before arriving in Canada are an original national passport and original IRCC documents.
Prepare your name, date of birth, residential address, and tax-residency information. Where applicable, prepare your Canadian SIN and foreign tax number, and check that the spelling of your name, address, and tax self-certification are consistent.
If you plan to apply online or open an interest-bearing account, first check the Canadian address and SIN conditions stated on BMO’s page. A basic account generally does not require a SIN; an interest-bearing account requires a SIN for tax reporting.
Description: The above are examples and guidance from BMO's public page. Document requirements may vary depending on individual circumstances, and the page notes that newcomers may need to apply at a branch. Do not treat the examples as an exhaustive list; confirm with BMO in advance any translation, notarization/certified copy, document validity period, and alternative documents for non-residents. CRS tax self-certification is tax due diligence information and does not replace identity documents.

Source:BMO — How to open a bank account in Canada as a newcomer；Canada Revenue Agency — Guidance on the Common Reporting Standard

Company legal identity, authorization, and ownership control chain

Who it applies to: For companies, partnerships, or other entities intending to inquire about a BMO business account only; this does not mean that BMO accepts entities incorporated overseas.
Documents to Prepare: Prepare the company formation/good-standing documents, an up-to-date list of directors, and materials reflecting current ownership, such as a shareholder register, securities register, or partnership agreement.
Prepare a tiered ownership and control chart showing the ultimate natural-person owners, ownership percentages at each level, means of control, directors and authorised signatories. For trust structures, also compile information on trustees, known beneficiaries and settlors.
Prepare a board resolution, power of attorney, or similar authorization record empowering a representative to open the account for the entity, together with the relevant individuals’ identity information. For complex or cross-border structures, you may also prepare official registration records and explanatory documents from the place of registration.
Description: These are preparatory suggestions based on Canadian anti-money-laundering recordkeeping requirements, not a mandatory checklist published by BMO. FINTRAC guidance differentiates beneficial-owner identification by entity type: for entities such as corporations, this generally involves identifying individuals who directly or indirectly own or control at least 25%; information about corporate directors, ownership, control, and structure must also be obtained, with reasonable measures taken to confirm its accuracy. Do not generalize the 25% threshold into a universal global rule or BMO’s sole review standard.

Source:FINTRAC — Beneficial ownership requirements

Business substance, account purpose and evidence of funds

Who it applies to: Preparation suggestions for entities intending to apply for a business account; individual customers may refer to these only if the bank asks about the source of funds or account purpose.
Documents to Prepare: Prepare a one-page summary of the main business, the regions where customers/suppliers are located, the intended account use, expected payment directions, currencies and approximate frequency, and explain how these relate to the entity’s place of registration and business locations.
Organize traceable documents for the actual source of funds, such as recent financial statements, contracts and invoices, existing bank statements, shareholder contribution or equity transaction documents. Submit only documents that match your circumstances.
For one-off large deposits, transfers from related parties, cross-border remittances, or transactions that differ from the established business pattern, prepare the transaction background, the relationship between the payer and payee, and relevant contracts or supporting documents so you can explain them if requested.
Description: This is preparation guidance. FINTRAC requires financial institutions to continually assess the purpose/expected nature of a business relationship and whether transactions are consistent with customer information and risk assessments, but this does not mean BMO publicly requires every account applicant to provide the same set of source-of-wealth or source-of-funds documents. BMO confirms the specific scope of documents based on the customer and risk.

Source:FINTRAC — Ongoing monitoring requirements

Due diligence and enhanced verification

Beneficial Owners and Control Structure

Basis for Verification: FINTRAC requires regulated financial entities to obtain beneficial ownership information and information on ownership, control and structure when entity identity verification applies, and to take reasonable measures to verify accuracy. For corporations and other entities, this generally means identifying individuals who directly or indirectly own/control at least 25%; relevant persons for trusts depend on the trust category. This is a Canadian regulatory requirement, not full disclosure of BMO’s internal thresholds.
Preparation recommendation: It is advisable to match each ownership calculation, basis for control, and registration document. If no one meets the applicable threshold, also explain the basis for that conclusion and provide the complete structure; do not submit only a list of nominee shareholders.
Scope: Local regulations and general preparation advice; Canadian rules should not be extrapolated to other countries, and this does not guarantee that BMO will require only those meeting that percentage threshold.

Source:FINTRAC — Beneficial ownership requirements

Complex structures and document authenticity

Basis for Verification: FINTRAC requires reasonable measures to confirm the accuracy of beneficial ownership information when it is first obtained and during ongoing monitoring; verification measures required for complex or high-risk structures should be proportionate to risk. If a regulated entity cannot obtain or confirm the information, the guidance requires it to take prescribed alternative measures and enhance ongoing monitoring of high-risk clients.
Preparation recommendation: For multilayer ownership, nominee arrangements, trusts, funds or structures registered in multiple jurisdictions, prepare an organization chart, registry extracts, shareholder agreements and an explanation of control, and explain any differences between registered information and actual control arrangements.
Scope: Local regulations; the document formats given are preparation suggestions, not documents that BMO has expressly said are mandatory for all companies.

Source:FINTRAC — Beneficial ownership requirements

Account purpose, source of funds and anticipated transactions

Basis for Verification: FINTRAC’s ongoing monitoring requirements require financial institutions to assess whether client transactions and activities are consistent with the client information obtained, the purpose/nature of the business relationship and the risk assessment; high-risk clients are subject to enhanced measures. This does not mean that every client must provide the same proof of source of funds.
Preparation recommendation: It is advisable to ensure that the purpose of opening the account, expected flows and submitted contracts/financial documents corroborate one another. If an individual's initial funds come from an asset sale, investment redemption, inheritance or company dividends, corresponding evidence and a brief explanation of the funds flow may be prepared and provided only if requested by the bank or applicable.
Scope: Canadian regulatory obligations apply to financial institutions; the bank determines any additional documents required on a case-by-case basis.

Source:FINTRAC — Ongoing monitoring requirements

CRS Tax Residency Self-Certification

Basis for Verification: The CRA’s guidance on Part XIX of Canada’s Income Tax Act/CRS says Canadian financial institutions may ask new-account applicants or holders of existing accounts to substantiate or clarify their tax residence and may request supporting documents, depending on the circumstances. Entity accounts may also require entity-classification information. Accounts held by U.S. persons fall under Canada’s Part XVIII/FATCA framework and should not be mischaracterized as CRS accounts.
Preparation recommendation: Individuals should prepare the tax-residence jurisdictions and applicable TINs for all relevant jurisdictions. Entities should prepare their place of registration, tax residence, entity classification and the tax details of controlling persons. If tax-residence status is uncertain or information is inconsistent, check with a tax adviser or the bank first; do not guess when completing the forms.
Scope: Local tax regulations and preparation advice; whether an account is reportable depends on the law and the customer’s circumstances.

Source:Canada Revenue Agency — Guidance on the Common Reporting Standard

Ongoing maintenance obligations

Changes to customer information, control, and the business relationship

FINTRAC requires financial entities to conduct ongoing periodic monitoring on a risk basis and keep identity, beneficial ownership and business relationship purpose/nature information up to date; the frequency is determined by risk assessment, and public guidance does not prescribe a uniform review cycle for all clients. Clients are advised to retain an up-to-date structure chart and registration records, and respond promptly to verification requests about changes as required by BMO.

Source:FINTRAC — Beneficial ownership requirements；FINTRAC — Ongoing monitoring requirements

Review of transaction and source-of-funds background

Financial institutions must assess whether transactions are consistent with what is known about the customer; high-risk customers are subject to enhanced ongoing monitoring. Customers may retain contracts, invoices, source-of-funds evidence, and explanations of unusual transactions in case the bank asks. FINTRAC requires financial institutions to retain records of ongoing monitoring measures and information obtained for at least five years. This is a recordkeeping obligation for financial institutions and should not be misrepresented as a uniform retention period published by BMO for every customer.

Source:FINTRAC — Ongoing monitoring requirements

Tax Residence and CRS Information

CRS guidance allows financial institutions to request clarification of a tax residency self-certification after an account is opened. If the country of residence, tax residence, or other reportable information changes, promptly confirm with BMO whether forms or supporting documents need to be updated. The public guidance does not set the same update frequency for all customers.

Source:Canada Revenue Agency — Guidance on the Common Reporting Standard

Please confirm with the bank before booking

If the applicant is an overseas individual or a company registered overseas, does Bank of Montreal accept that specific status/place of registration and the selected account? Must a Canadian resident or signatory in Canada attend in person?
For this type of legal entity, what registration documents, director/authorized signatory information, and ultimate controlling person details does BMO require? If no individual holds 25% or more, how should the controlling person be reported?
Must each proof of identity, registration document, and company resolution be an original or certified copy? Are documents in languages other than English or French accepted, and what are the requirements for certified translations and document currency?
Can this customer category complete any steps online, by appointment, or before arriving in Canada, and which steps must be completed at a Canadian branch? Are video verification or authorized-representative options available?
What are the fees, minimum balance, applicable currencies, estimated review/supplemental-document timelines and information that must be updated after opening for the selected account? Do these conditions vary depending on the customer’s location or business type?

Not confirmed by public information

BMO’s public newcomer personal-account page provides only examples of identification documents and says requirements vary by individual circumstances. The countries of admission, branch arrangements, and scope of remote verification for ordinary foreign non-residents were not confirmed in the materials reviewed.
The complete contents of BMO’s dynamic business-document selector were not obtained for this research. BMO must confirm on a case-by-case basis the requirements for each legal entity type, foreign place of incorporation, non-resident controllers, and authentication/translation of company documents.
BMO’s internal risk appetite, PEP and sanctions screening procedures, triggers for source-of-funds or source-of-wealth requests, transaction limits, deadlines for additional documents, and approval timelines have not been publicly verified. Do not infer automatic rejection, acceptance, or uniform thresholds.
Examples of documents on the new immigrant page do not constitute a general promise of remote account opening. Tax identification number/address requirements for interest-bearing accounts, basic accounts, and online applications depend on the product and application channel selected at the time.

Sources & Scope of Verification

BMO — How to open a bank account in Canada as a newcomer
BMO publicly provides examples of identification documents for newcomers opening personal accounts: after arriving in Canada, applicants may use a permanent resident card or IRCC document together with government-issued identification; before arrival, the examples are a national passport and an IRCC document. Original documents may be required, requirements vary by individual circumstances, and a branch visit may be necessary. It also explains SIN requirements for basic and interest-bearing accounts and for online applications made within Canada, as well as address requirements. It does not explain eligibility for ordinary applicants applying from abroad or provide a business document list.
FINTRAC — Beneficial ownership requirements
Rules requiring Canadian regulated reporting entities to obtain information on an entity’s beneficial owners, directors and control structure; identification of natural persons who hold/control at least 25%, reasonable confirmation of accuracy, proportionate verification of complex/high-risk structures, and related recordkeeping requirements. This guidance is not a document checklist for a specific BMO product.
FINTRAC — Ongoing monitoring requirements
Objectives of ongoing monitoring by financial entities include updating customer identity, beneficial ownership, and business relationship purpose information; reviewing transactions periodically based on risk; enhanced monitoring for high-risk cases; and financial institutions retaining monitoring records for at least five years. There is no fixed review frequency applicable to all customers.
Canada Revenue Agency — Guidance on the Common Reporting Standard
Canadian CRS/Part XIX of the Income Tax Act guidance on financial-institution due diligence and reporting; individual and entity account holders may be asked to certify or clarify their tax-residency status and provide supporting information; U.S. account information is treated separately under the Part XVIII/FATCA framework.

Fees and timelines

No uniform account-opening time, fee, minimum deposit, or transaction limit applicable to all applicants or accounts has been verified, so no estimate is provided. Specific BMO products may separately specify fees, interest rates, balance tiers, and transaction conditions. On the date of application, the disclosures applicable to the selected product in Canadian or U.S. dollars should govern. This dossier does not generalize the standalone rates or fees of a particular savings product into bank-wide terms.

Limitations and practical considerations

This research concerns Canada’s Bank of Montreal, not U.S. BMO Bank, N.A. The U.S. subsidiary, its FDIC insurance, and U.S. account-opening policies are outside the scope of this profile’s conclusions.
BMO’s publicly available information for newcomers and pre-arrival account opening supports only the specific service routes it describes; it does not establish that ordinary foreign non-residents, visitors, or residents of any country can open an account.
The specific acceptance requirements, document formats, application locations, and remote procedures for offshore-registered companies, non-resident controllers, and different business types have not been fully confirmed by the BMO pages accessible during this review.
The bank must complete identity, ownership, tax, sanctions, and other checks under applicable rules; it may request additional documents or decline the application. A public product page is not account approval.
Public research materials do not establish channels that Rengangyongsheng currently can book appointments for or handle as an agent.

Licensing evidence and regulatory verification

A specific entity record has been found: the OSFI official “Who we regulate financial institutions” dataset CSV, published 2026-10-01, lists “Bank of Montreal” verbatim under “Federally Regulated Financial Institutions / Banks / Domestic Banks.” This directly verifies that the entity is included in the dataset of federally regulated institutions; it is not merely an entry point to a directory. The CSV does not provide a separate license number that can be confirmed from this file, nor does it establish that a product is available to a particular applicant or that an account will be approved. The CDIC member directory separately lists “Bank of Montreal” and BMO-related trade names.

Office of the Superintendent of Financial Institutions (OSFI); deposit protection for Canadian banks is separately provided by the Canada Deposit Insurance Corporation (CDIC). Official registration or record

Information sources

BMO — New to Canada: Banking and bank accounts
BMO’s newcomer service route for permanent residents, foreign workers, and international students; it describes the possibility of opening an account before arriving in Canada and branch support, but does not list conditions applicable to all applicants abroad.
BMO — How to open a bank account in Canada as a newcomer
BMO NewStart’s positioning for newcomers, account-opening steps, examples of identification documents before and after arrival in Canada, the possibility that an in-branch visit may be required, and explanations of when SIN and address details apply; it also states that document requirements vary by individual circumstances.
OSFI — Who we regulate financial institutions, official CSV dataset
OSFI’s open-data CSV lists Bank of Montreal, classified as Federally Regulated Financial Institutions, Banks, Domestic Banks. This specific record supports verification against the institutional regulatory register; it does not establish account availability or approval for any customer.
OSFI — Banks
OSFI explains that it regulates and supervises banks operating in Canada and describes the scope of bank regulation, providing background on OSFI’s role as the supervisory authority.
BMO — Business Bank Accounts
BMO Canada offers business chequing and savings accounts. Its website asks applicants to check whether online account opening is available and what documents are required based on business type, but the body of the page reviewed did not display the dynamic document list.
BMO — Business Premium Rate Savings Account
BMO Canada’s business savings account product page and product-specific terms, with directions to check required documents by business type; this specific product should not be used to infer that all businesses are eligible.
Financial Consumer Agency of Canada — Opening a bank account
General Canadian rights relating to opening personal accounts; information that non-citizens or people residing abroad may be able to open an account and may need to appear in person; original identity documents and two identity-verification methods; and statutory grounds on which an account may be refused. This is not a BMO product commitment.
FINTRAC — When to verify the identity of persons and entities: Financial entities
Requirements for Canadian financial entities to verify the identity of individuals, corporations and other entities when opening accounts, and guidance stating that an account must not be opened if identity cannot be verified in accordance with the rules.
FINTRAC — Beneficial ownership requirements
The definition of entity beneficial owner; the threshold of at least 25% direct or indirect ownership/control; and requirements for director and beneficial-owner information, control structure, and reasonable steps to confirm accuracy.
FINTRAC — Ongoing monitoring requirements
Requirements for Canadian financial institutions to conduct ongoing monitoring, update customer and beneficial ownership information, record the purpose and nature of business relationships, assess whether transactions are consistent with the associated risks, and apply enhanced monitoring to high-risk situations.
BMO — Foreign Account Tax Compliance Act (FATCA)
BMO’s public explanation that information on accounts held by U.S. persons is exchanged from CRA to the IRS supports describing this as a Canada–U.S. FATCA route.
Canada Revenue Agency — Guidance on the Common Reporting Standard
Canadian CRS/Part XIX of the Income Tax Act framework for financial-institution due diligence and reporting; tax-residency self-certification, address and applicable TIN may be requested when opening an account or when circumstances change, and entity account holders may also be asked to self-certify.
Global Affairs Canada — Canadian sanctions: Essential information
Scope of Canadian sanctions, types of financial prohibitions/asset freezes, and due-diligence recommendations to check lists, regulations and direct or indirect connections.
Canada Deposit Insurance Corporation — List of member institutions
The public CDIC member list names Bank of Montreal and some associated BMO names; it supports verification of member status but does not by itself confirm that any particular deposit qualifies for coverage.

Verification

Research verification

Most recently verified: 2026-10-26
Status: Some information is pending confirmation: OSFI’s official public dataset has been checked by name to verify that Bank of Montreal is a federally regulated domestic bank. BMO’s website publishes a specific personal account route for newcomers and business account products; public BMO materials have not confirmed eligibility for ordinary overseas nonresidents, foreign companies, dynamic corporate document lists, or general remote account-opening conditions, which should be verified with the bank.
Author: Drew

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