AmericasCanadaLicensed-entity research

National Bank of Canada

National Bank of Canada (a Canadian domestic bank under Schedule I of Canada’s Bank Act; listed in the OSFI directory of Federally Regulated Financial Institutions / Banks / Domestic Banks)

National Bank of Canada is a federally regulated domestic bank under Canadian law, with its registered head-office address in Montreal, Quebec. Its website offers personal and business account products. It publishes a personal pre-arrival account-opening process for newcomers to Canada and a conditional online application process for businesses. Public information does not confirm whether non-resident individuals or foreign-incorporated companies can apply, or which accounts they may ultimately be accepted for.

Regulator: Office of the Superintendent of Financial Institutions Canada (OSFI); the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is responsible for AML/CFT compliance supervision.
Check date: 2026-10-26
Verify status: Some information pending confirmation

Research scope and official resources

Topic number:americas-national-bank-of-canada

Research based on the scope of public large-institution selections for 2025/2026 in the input selection.json; this candidate set is only for identifying institutions and does not indicate a current global top 100 ranking, current account-opening acceptance, or proof of licensing.

Bank’s official website

Personal Eligibility and Documents

Canadian residents: The website offers products such as personal chequing accounts. Its publicly described newcomer program allows newcomers who have been in Canada for no more than five years to apply, but the webpage does not disclose complete criteria sufficient to determine eligibility for all residents, nor does it confirm that all accounts can be opened online. The bank says online applicants must verify their identity by mobile phone; the specific identity documents, residential address, status categories and approval criteria should be confirmed with the bank. Non-residents/applicants abroad: the bank currently says newcomers may apply from abroad up to 90 days before arriving in Canada. Current guidance states that overseas applications are accepted until 2026-11-03; new overseas applications will not be accepted after that date. Overseas opening is limited to this newcomer program and requires activation at a local branch within 90 days of opening. No eligibility for general non-resident account applications has been confirmed, and complete visa/immigration-status requirements have not been published. The Financial Consumer Agency of Canada’s general information says non-Canadian citizens or people living abroad may be able to open an account in Canada with appropriate identification; this is not a commitment or acceptance policy of National Bank.

Personal information publicly disclosed or identified

The bank’s new-immigrant account-opening guide confirms that online identity verification requires a mobile phone and that the account must be activated at a local branch. The bank’s public pages reviewed do not provide a complete list of documents required to open a personal account, so a third-party checklist must not be treated as the bank’s policy.
General preparation suggestion (based on the general identity-verification guidance of the Financial Consumer Agency of Canada, and not representing any additional National Bank policy): Prepare valid original proof of identity. This general guidance lists two options: provide two documents from reliable sources, one showing your name and address and the other showing your name and date of birth. Examples include Canadian government-issued documents, a recent notice of assessment/tax assessment or government benefits notice, a utility bill, a bank or credit card statement, and a foreign passport. Alternatively, provide one document from a reliable source showing your name and date of birth, and have your identity confirmed with the assistance of an established bank customer in good standing or a person in good standing in the community where you are opening the account. The bank must confirm which documents it accepts for the intended account-opening channel.

Company eligibility and documents

Canadian businesses: The website offers business accounts in CAD, USD and foreign currencies and requires applicants to provide personal identification and business information. The online business-account application can only start the process. Applicants must be able to access their own valid personal account at a Canadian financial institution online; the bank says final account opening cannot be completed online. A representative will contact the applicant to verify identity, understand their needs and activate the account; the applicant must then visit a branch to collect a debit card. Foreign-incorporated businesses/entities controlled by non-residents: the public website does not say whether they are accepted or specify eligible places of incorporation or tax-residency conditions, nor does it confirm that an application can be made without a Canadian personal account. Written confirmation from the bank is required.

Company information publicly disclosed or identified

National Bank’s “Opening a business account” Quick reference (form number 27145-002, in-document marking 2018-08-01) requires documents to be prepared according to the entity’s legal form. This is publicly available bank information, but the version is old; confirm the current version with the bank before opening an account.
Company/legal entity: certificate of incorporation or patent certificate; list of directors (names and occupations); list of senior executives (names and occupations); details of shareholders who directly own or control at least 25% of the business, including names, addresses, occupations and shareholdings. For indirect ownership through another company, provide an organisational chart showing shareholding percentages at each level and tracing ownership through to the individual ultimate beneficial owners.
Each authorized representative/officer: At the account-opening meeting, the bank must verify the identity of the company representative/officer. Each person must provide valid, unexpired photo ID issued by a federal, provincial, or territorial government, as well as personal information and a signature. Confirm with the bank whether the representative and officer requirements stated in this form have been updated.
Proof of business registration/existence: Usually provide a provincial business registration statement, annual return, amendment statement or certificate of registration. If unavailable, provide a search result from the provincial business registry showing a status of Current/Open/En vigueur. In Ontario, if operating under a trade name other than the proprietor’s own name, the form requires a Master Business Licence.
Sole proprietorship: The document says no proof of business existence is needed if the trade name consists only of the owner’s first and last name; in other cases, prepare the relevant proof in accordance with provincial registration requirements.
Partnerships: If available, prepare a written partnership contract/agreement. Provide the names, addresses, occupations, and ownership percentages of partners who own or control at least 25%. If there is indirect ownership, attach an ownership structure chart.
Non-profit association/organization: provide a written contract or document/articles of association establishing the association (if any), and a list of directors (names and occupations).

Address, tax, and remote / witnessed procedures

Address and tax

Personal address and tax number: National Bank's webpage on accounts for newcomers does not publish the required address type, the extent to which foreign addresses are accepted, or proof-of-address requirements. The Canadian CRA states that financial institutions may require individuals to confirm their tax residence for CRS/FATCA due diligence; reportable account information may include name, address, and foreign tax number. Non-residents of Canada or U.S. citizens must provide a foreign TIN when requested by a financial institution; if the individual has a Canadian SIN, it must also be provided as directed by the CRA. U.S. account identification under the Canada–U.S. IGA/FATCA rules is separate from the CRS mechanism for other reportable jurisdictions. Business address and tax number: the CRA states that financial institutions identify an entity's tax residence, entity TIN, U.S. status/classification, and, in certain cases, information about controlling persons; foreign entities may be asked about their place of incorporation, business activities, and controlling persons. The CRA states that an entity's tax residence is generally determined under relevant rules such as place of incorporation and place of management; specific cases must be assessed on their facts. These are tax reporting baselines, not account-opening form requirements published by the bank; the bank's requirements for mailing address, registered address, proof of address, and tax number documents remain to be confirmed.

Remote / witnessing

Newcomers applying as individuals may apply online through the website before arrival and verify their identity by mobile phone, but a local branch must arrange in-person activation. Confirm with the bank the subsequent access arrangements if not activated within 90 days and the current specific procedure. Online business applications require a valid personal online banking account with a Canadian financial institution; final account opening cannot be completed entirely online, and the debit card must be collected at a branch. No information establishes that the bank accepts worldwide video witnessing, overseas notarisation/third-party witnessing, or remote account opening for other categories of applicants who are not newcomers.

Public process reference

Newcomers applying as individuals: select the newcomer plan on the website and click to open an account online, submit the application as instructed, and verify identity by mobile phone; the bank first confirms by email that it has received the application, then notifies the applicant of the account-opening decision separately within a few days. Applications from abroad must be submitted no more than 90 days before arrival and, according to the current webpage, are available only until 2026-11-03.
Personal account activation: The applicant must arrange an activation appointment with the bank at a local branch in Canada. Activation must take place within 90 days of opening the account online. Before activation, only one transfer into the account is permitted; all other transactions must take place after activation. Joint personal accounts cannot be opened directly through this online newcomer process, but can be requested during branch activation.
Business account: Select a business account plan and submit an application; applicants must have online access to a valid personal account at a Canadian financial institution. A National Bank specialist will contact the applicant within 2 business days of the application to verify identity, assess needs and complete activation. The application cannot be finalized online; the debit card must be collected at a branch.
National Bank must confirm in writing the requirements for other identity categories, foreign-incorporated businesses, additional account-opening documents, and fees. The materials reviewed do not publish a uniform acceptance process applicable to all applicants.

Compliance topics, details, and sources

Canadian AML/CFT and personal identity verification

Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations apply to banks and other FINTRAC reporting entities. FINTRAC guidance describes methods for verifying an individual’s identity, including government-issued photo identification, a Canadian credit file and the dual-process method. Non-face-to-face verification must include procedures to confirm the document’s authenticity and validity and match the photograph to the person; simply showing identification on video is insufficient. This is a Canadian compliance baseline, not confirmation that National Bank will approve the specific documents of a particular applicant.

Source:FINTRAC — Methods to verify the identity of persons and entities

Business beneficial owners, control structure and source of funds

FINTRAC guidance requires financial entities to obtain beneficial ownership information when identity verification of an entity is triggered under the rules. Generally, they identify individuals who directly or indirectly own or control at least 25%, obtain information such as details of directors, determine the ownership and control structure, and take reasonable measures to verify its accuracy. For politically exposed persons, heads of international organizations and applicable related persons, reasonable measures must be taken to establish the source of funds deposited into an account or used for transactions, and the source of wealth, among other things. The business account-opening checklist is material published by National Bank itself, but general AML/UBO obligations should not be misrepresented as a requirement by that bank for all clients to provide the same source-of-funds documents.

Source:National Bank of Canada — Opening a business account Quick reference PDF ；FINTRAC — Beneficial ownership requirements ；FINTRAC — Politically exposed persons and heads of international organizations guidance

CRS and FATCA/Canada–U.S. IGA tax reporting

Canada exchanges financial account information separately under its IGA with the United States, which implements FATCA information exchange, and under CRS with other participating jurisdictions. U.S. matters are handled under IGA/FATCA rules; this does not mean the United States has joined CRS. Individuals may need to state their Canadian and other tax-residency status; reportable accounts held by non-residents or U.S. citizens may be reported with details such as name, address and foreign TIN. Entities may need to state their tax residence, entity tax number and controlling persons. If requested, provide information to the bank according to actual tax-residency status. This is not tax advice and does not mean National Bank has published complete account-opening forms.

Source:Canada Revenue Agency — Information for individuals holding accounts with Canadian financial institutions ；Canada Revenue Agency — Information for entities holding accounts with Canadian financial institutions

Canadian sanctions and list screening

Canadian autonomous and United Nations sanctions are implemented through relevant laws and regulations; sanctions may restrict transactions or services, or freeze assets. Global Affairs Canada recommends sanctions-list due diligence on individuals, entities and indirect associations, and ongoing checks of applicable regulations. OSFI states that federally regulated financial institutions must submit monthly reports to it on activities involving certain designated persons. This is a Canadian regulatory/legal baseline; it does not mean that bank customers can bypass any screening or that specific sanctions necessarily apply to a particular application.

Source:OSFI — Reporting on anti-money laundering, anti-terrorist financing and sanctions ；Global Affairs Canada — Canadian sanctions: Essential information

Deposit protection scheme membership

The current publicly available Canadian Deposit Insurance Corporation (CDIC) member list includes National Bank of Canada and related operating names such as National Bank and National Bank Financial. Membership does not mean that all accounts, products or amounts are covered. The applicable deposit category, conditions and scope of coverage should be verified against current CDIC and bank information; this file does not infer a coverage limit.

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 supplement concerns companies, other legal entities, and non-profit organizations applying for a business account at National Bank of Canada, with a focus on account-opening evidence, compliance preparation, and account maintenance. The bank’s published business account reference checklist is dated, and although it lists categories of documents for legal entities established in Canada and foreign jurisdictions, it does not confirm that the bank accepts foreign-registered entities or foreign controllers. The personal account process for new immigrants is not covered by this business document list.

Date information checked:2026-10-26

Information evidence package

Business Existence, Legal Form and Authorised Representative

Who it applies to: Application preparation for companies, legal entities and nonprofit organizations; not applicable to individual accounts. Whether an offshore-registered company can apply must first be confirmed with the bank.
Documents to Prepare: Prepare a copy of the articles of association or certificate of incorporation, as appropriate to the applicable legal form. Also prepare proof of registration or current good standing from the provincial business registry; the specific category depends on the bank’s current checklist.
Prepare a list of directors and senior officers, stating their names and occupations. For an association or nonprofit organization, also prepare formation documents, bylaws or a written agreement, and a list of directors, if applicable.
For each authorized representative or senior officer, prepare valid, unexpired photo identification issued by a federal, provincial or territorial government, together with their personal details and signature.
Description: The bank’s published one-page “Business Account Opening Quick Reference” explicitly identifies the above company documents and proof of identity for authorized representatives. It is numbered 27145-002, with 2018-08-01 in the footer, and is older material. The form states that copies of documents should be provided but does not confirm current rules for originals/certified copies, translation, notarization or document validity periods; request the current list before submission.

Source:National Bank of Canada Business Account Opening Quick Reference

Direct and indirect ownership, controllers and UBO

Who it applies to: Company, partnership and other business applicants whose entity identity must be verified; particularly relevant to complex ownership, trusts or multi-layer corporate structures.
Documents to Prepare: Under the bank’s older checklist, organize the names, addresses, occupations, and ownership percentages of shareholders who directly own or control at least 25% of the business; also prepare director information.
If a shareholder is another business, prepare an organizational chart showing each related entity and its shareholding percentage, tracing ownership through to the natural persons who are the ultimate beneficial owners. The chart should be clear and legible.
As a preparation suggestion, prepare formal records that can be used for verification, such as a shareholder register, company registration documents, shareholder agreements, or board records. The bank's older form requires the organizational chart to be signed and dated by an authorized representative.
Description: FINTRAC’s Canadian compliance guidance uses individuals who directly or indirectly own or control at least 25% as the baseline for beneficial owner identification, and requires obtaining information on relevant persons and ownership, control and structure when entity identity verification is triggered, and taking reasonable measures to verify accuracy. This statutory baseline applies to reporting entities; it does not mean the bank has published a uniform list of additional documents required from all clients. The 25% requirement in the table also does not replace a factual explanation of control relationships.

Source:National Bank of Canada Business Account Opening Quick Reference；FINTRAC’s Compliance Guidance on Beneficial Ownership Requirements

Tax self-certification, evidence of genuine business activity, and explanations of funds

Who it applies to: Companies, partnerships, trusts and other entities; for advance document preparation only, this does not mean that every supporting document is a mandatory account-opening requirement of the bank.
Documents to Prepare: Prepare information on the entity’s tax residence, tax identification number and U.S. tax status/classification. If required by the bank, confirm the entity’s status as a financial institution or non-financial entity, and its classification as an active or passive non-financial entity, as applicable.
If the entity may be controlled by a nonresident or a U.S. person, prepare in advance the relevant controllers’ names, addresses, dates of birth and tax identification numbers in their tax jurisdictions of residence. The bank must confirm whether these need to be submitted and which forms apply.
Prepare a one-page business overview stating the place of business, main products or services, intended account use, main countries/regions for payments and receipts, currencies, and types of counterparties. Contracts, invoices, financial statements, or records of incoming funds may help explain the business and expected transactions.
Description: The CRA explains that financial institutions conduct tax-residency due diligence and may require an entity to certify its place of registration, business activity, controlling persons and tax classification, and use the information obtained to assess whether a self-certification is reasonable. This tax-information collection runs alongside AML identity verification but is not the same regime. Business and funds documentation is a prudent preparation recommendation. The materials reviewed do not show that National Bank requires all companies to submit bank statements for a specified number of months, deposits of a fixed amount or a particular form of proof of wealth.

Source:Canada Revenue Agency: “Entity Information for Accounts Held at Canadian Financial Institutions”；National Bank of Canada Business Account Opening Quick Reference

Due diligence and enhanced verification

Verification of Beneficial Ownership and Control Chain

Basis for Verification: Where regulations require verification of an entity’s identity, the reporting entity must obtain information on persons who directly or indirectly own/control at least 25%, director information, and sufficient information to explain ownership, control and structure, and must take reasonable measures to verify accuracy both when first obtained and during ongoing monitoring. The older National Bank business checklist also lists information on shareholders with at least 25% ownership and a look-through organizational chart.
Preparation recommendation: It is advisable for an authorized representative to verify that ownership percentages match the registration documents; explain nominee holdings, different voting rights, trusts, convertible interests or control arrangements, and prepare supporting records. If no person meeting the 25% threshold can be identified, be prepared to explain the actual control structure; confirm whether additional bank forms apply.
Scope: FINTRAC regulatory compliance baseline plus the bank’s publicly available, though older, business checklist; this does not mean that all the bank’s clients must submit every underlying document in a single format.

Source:National Bank of Canada Business Account Opening Quick Reference；FINTRAC’s Compliance Guidance on Beneficial Ownership Requirements

Actual business activity, expected transactions, and source of funds

Basis for Verification: The bank’s public materials reviewed do not publish a uniform source-of-funds document requirement or transaction-volume threshold for all businesses. FINTRAC requires risk measures in certain specific cases involving persons who meet the definitions of PEP/HIO and related persons, and, where applicable, reasonable steps to determine the source of funds for deposits or transactions and an individual’s source of wealth. This specific rule should not be generalised to all applicants.
Preparation recommendation: Prepare contracts, invoices, recent financial information, major customer/supplier categories and an explanation of the initial deposit, all consistent with the actual business. For cross-border payments, explain the countries, currencies, frequency and business purpose. If expected transactions do not match the business profile, state the reason in advance and prepare relevant supporting documents.
Scope: Funding and business documents are general preparation recommendations. Requirements concerning the source of funds and wealth for PEPs/HIOs apply according to the status and triggering conditions specified by FINTRAC; they are not publicly stated universal document requirements of the bank.

Source:National Bank of Canada Business Account Opening Quick Reference；FINTRAC’s Compliance Guidance on Politically Exposed Persons and Heads of International Organizations

PEPs, heads of international organizations and related persons

Basis for Verification: FINTRAC treats foreign politically exposed persons, certain family members and close associates as high risk. Whether domestic PEPs, heads of international organizations and others are treated as high risk must be determined through a risk assessment. In applicable circumstances, reasonable measures must be taken to establish the source of funds in an account or transaction and the source of an individual’s wealth. PEP status alone does not mean a person is a sanctions target, nor does it imply that an account will necessarily be refused.
Preparation recommendation: If the applicant, controller, or authorized representative holds a relevant public office, an international-organization position, or has an association with one, we recommend preparing an explanation of the position and term of office, nature of the relationship, source of wealth accumulation, and evidence of expected incoming funds, and truthfully completing the bank’s questionnaire. Also check whether any applicable sanctions or restrictions exist.
Scope: Canadian FINTRAC compliance guidance; not a statement of National Bank’s internal risk appetite, approval outcome or specific forms. The bank’s specific verification procedures have not been made public.

Source:FINTRAC’s Compliance Guidance on Politically Exposed Persons and Heads of International Organizations

Cross-Border Tax Residency and Entity Classification

Basis for Verification: The CRA explains that financial institutions identify an entity’s tax residence, U.S.-person status and financial-institution or non-financial-entity classification; for a passive non-financial entity, they may need to identify controlling persons who meet the applicable rules. U.S. matters are handled under the Canada–U.S. information-exchange arrangement, while other non-resident accounts fall under the CRS framework. The two regimes must not be conflated.
Preparation recommendation: First have the company’s tax or finance staff check the entity’s tax residence, tax number, U.S. status, and active/passive entity classification. Prepare tax-residence and relevant tax number information for controlling persons. If there are multiple places of management or registration, a trust/partnership structure, U.S. controllers or similar circumstances, consult a tax adviser first; do not guess the classification for account opening.
Scope: CRA tax-information reporting baseline; banks may arrange their own collection processes, and the specific customer forms and update timing have not been published in the bank materials reviewed.

Source:Canada Revenue Agency: “Entity Information for Accounts Held at Canadian Financial Institutions”

Ongoing maintenance obligations

Changes in shareholding, directors, and control structure

FINTRAC requires reporting entities to reasonably confirm the accuracy of UBO information during ongoing monitoring of business relationships and to retain information obtained and verification measures taken in relevant records. This is a compliance obligation of the bank and should not be misrepresented as a uniform statutory reporting deadline for clients. Clients are advised to update their internal structure charts and registers when shareholders, directors, control or registration details change, and to ask the bank about notification channels and deadlines; public materials do not specify a fixed review frequency for the bank.

Source:FINTRAC’s Compliance Guidance on Beneficial Ownership Requirements；National Bank of Canada Business Account Opening Quick Reference

Tax self-certification and controlling person information

The CRA explains that financial institutions assess tax-residency status based on account information and publicly available information and may request self-certifications and supporting documents from account holders. As a precaution, entities should review submitted information promptly if their place of registration, place of management, business classification or controlling persons’ tax-residency status changes, and respond to the bank’s update requests. The CRA page does not set a specific deadline or fixed review cycle for customers to report changes to National Bank.

Source:Canada Revenue Agency: “Entity Information for Accounts Held at Canadian Financial Institutions”

Transaction activity consistent with the risk information provided

If the account’s actual payment activity differs significantly from the business, countries/regions or source of funds described when opening the account, retain contracts, invoices and records of fund transfers, and explain the situation promptly if the bank enquires. For relevant PEP/HIO-related persons, FINTRAC guidance requires reporting entities to take source-of-funds/source-of-wealth measures as prescribed. The materials reviewed do not disclose the bank’s transaction review frequency, limits or deadline for customers to provide additional documents for all businesses.

Source:FINTRAC’s Compliance Guidance on Politically Exposed Persons and Heads of International Organizations；National Bank of Canada Business Account Opening Quick Reference

Please confirm with the bank before booking

Does the bank currently accept companies incorporated outside Canada, controlled by non-residents or without a local Canadian operating address? What restrictions apply to specific entity types and account-opening channels?
Please provide the current corporate account-opening document checklist. Must the articles of association, registration certificate, and shareholding information be originals, ordinary copies, or certified copies? Which languages and forms of translation/authentication are accepted?
Must the ownership structure chart use the bank’s template? Must it be signed and dated by an authorized representative? In addition to holders of 25%, which other controllers or voting arrangements must be disclosed?
Which identity documents and verification methods are accepted for each director, senior officer, and signatory? Are there additional procedures for documents issued abroad or foreign-authorized representatives?
Which tax-residency, self-certification, US-status and CRS/FATCA forms must be completed to open an entity account? Under which entity classifications must controllers' tax numbers or dates of birth be provided?
For this type of business, might the bank require an explanation of expected transactions, initial funding or PEP connections? Through what channel and when should changes in ownership or tax status be reported after account opening?

Not confirmed by public information

The bank’s older business checklist mentions documents for legal entities established in foreign jurisdictions, but does not publicly confirm whether it currently accepts applications from companies registered abroad, applicants with foreign controllers, or applicants without an existing Canadian personal online banking relationship.
The business account-opening reference table reviewed is marked 2018-08-01. Confirm the document format, translation/notarization rules, applicable region and current forms with the bank; the material itself does not guarantee approval.
The materials reviewed for this search did not fully disclose National Bank’s customer-level triggers for source-of-funds requests, business evidence, or PEP screening, nor its fees, minimum balances, branch arrangements, or complete processing timelines. No inference should be made about internal limits or risk appetite.
If Drew assists, the service includes personal follow-up on documents and the appointment. The fee will be explained in advance and the time confirmed first; acceptance by the bank, approval, or account opening is not guaranteed.

Sources & Scope of Verification

National Bank of Canada Business Account Opening Quick Reference
The bank’s single-page PDF and its text layer were actually read. Document number 27145-002, with footer 2018-08-01. It supports specific requirements for documents for companies/legal entities and non-profit organisations, a list of directors/officers, valid government-issued photo ID for authorised representatives, information on shareholders holding at least 25%, and an ownership structure chart for indirect holdings. Its former-version status limits any inference about current procedures.
FINTRAC’s Compliance Guidance on Beneficial Ownership Requirements
The relevant sections of the official guidance were actually reviewed, covering persons who directly or indirectly own or control 25%, director and structure information, verification of accuracy at onboarding and during ongoing monitoring, record keeping, and steps to take when information cannot be obtained. This is a compliance baseline for reporting entities, not a commitment concerning a bank product.
Canada Revenue Agency: “Entity Information for Accounts Held at Canadian Financial Institutions”
The full text was actually read. It supports the tax due diligence context for financial institutions concerning an entity’s tax residence, US status, classification as a financial institution/non-financial entity, controlling-person information and self-certification. It does not specify National Bank-specific forms or customer update deadlines.
FINTRAC’s Compliance Guidance on Politically Exposed Persons and Heads of International Organizations
The relevant sections of the official guidance were actually reviewed, covering the definitions of domestic/foreign PEPs, heads of international organisations, and certain family members and close associates; risk measures; and assessment of source-of-funds/source-of-wealth and sanctions risks. Specific measures must be determined according to the persons concerned and the applicable regulatory triggers.

Fees and timelines

The official account eligibility/application pages reviewed do not confirm account-opening fees, minimum deposits, minimum balances or a complete fee schedule applicable to all personal or business accounts. Check the bank’s current fee guide and confirm with the bank; do not estimate. Only specific product-process deadlines are stated: under the website guidance, overseas applications by new immigrants for a personal account are available until 2026-11-03; after opening the account online, it must be activated at a branch within 90 days. The bank says it sends a separate account-opening outcome email within several days of receiving the application. For online business account applications, a specialist will contact the applicant within 2 business days; this is not a promise of the total time to open the account.

Limitations and practical considerations

Applications by individuals overseas are limited to the new-immigrant pre-arrival account-opening process described on the official website. The bank says that it will stop accepting these new overseas applications after 2026-11-03. The website does not confirm general account opening for non-residents.
After opening an account online, new immigrants must activate it at a local branch within 90 days. Before activation, only one transfer into the account is permitted. Personal joint accounts must be opened at a branch.
Online business applicants must have online access to a valid personal account at a Canadian financial institution; final account opening cannot be completed online, and the debit card must be collected at a branch; eligibility for foreign-registered businesses/foreign-controlled entities has not been publicly confirmed.
The bank’s business account Quick reference table is marked 2018-08-01 and may not be current. Documents listed by applicable legal form should be reconfirmed before submission to the bank.
Public product and regulatory information does not constitute an account-opening channel that Rengangyongsheng (Hong Kong) Limited can currently book or arrange; the bank decides eligibility, approval, and the final product.

Licensing evidence and regulatory verification

Verification complete: The current release of the OSFI official “Who we regulate financial institutions” CSV lists the exact name National Bank of Canada, classified as Federally Regulated Financial Institutions / Banks / Domestic Banks, with an address in Montreal, Quebec; the download response’s Last-Modified value is 2026-10-01. The Department of Justice Canada’s Bank Act Schedule I page (as of 2025-12-31) also lists National Bank of Canada, located in Quebec. These two records support its status as a Canadian domestic bank legal entity federally regulated by OSFI; this profile does not invent a licence number or describe a holding company or other brand as a separately licensed bank. OSFI’s directory explains that it regulates banks operating in Canada.

Office of the Superintendent of Financial Institutions Canada (OSFI); the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is responsible for AML/CFT compliance supervision. Official registration or record

Information sources

National Bank of Canada — How do I open an account if I'm new to Canada?
The overseas application window for the bank’s pre-arrival account opening for new immigrants (up to 90 days before arrival, through 2026-11-03), applications within five years after arriving in Canada, mobile phone verification, branch activation, the 90-day deadline, transaction restrictions before activation, joint account restrictions, and the application/result notification process.
National Bank of Canada — Newcomers banking offer
The bank’s information on its newcomer program, including the product eligibility window from 90 days before arrival in Canada to within five years after arrival, and the conditions and scope of the offers published on the official website; this does not independently establish that all immigration statuses meet the account-opening requirements.
National Bank of Canada — Can I finalize the opening of my business account remotely?
Online business applicants must have online access to a valid personal account at a Canadian financial institution; online opening cannot be completed; a bank representative will contact the applicant within 2 business days for verification/activation; the debit card must be collected at a branch.
National Bank of Canada — Business bank accounts and packages
Business account products include CAD, USD and foreign currency accounts. The website explains that personal and business information is used to open an account, and describes contact, verification and activation after an online business account application.
National Bank of Canada — Opening a business account Quick reference PDF
The bank’s business account document list includes proof of existence for each type of entity, articles of association, director/officer information, photo identification and signature for authorized representatives, information on 25% shareholders/partners and an organization chart showing indirect ownership, and association documents, among others. PDF number and date markers: 27145-002 / 2018-08-01.
OSFI — Who we regulate financial institutions CSV
The National Bank of Canada record and classification in OSFI’s current public institutional CSV: Federally Regulated Financial Institutions / Banks / Domestic Banks; the record lists an address in Montréal, Quebec. The file download response has a Last-Modified value of 2026-10-01.
Justice Laws — Bank Act, Schedule I
The Canadian Department of Justice’s Schedule I to the Bank Act, as of 2025-12-31, lists National Bank of Canada as a bank in Quebec, supporting its status as a domestic statutory banking entity.
Financial Consumer Agency of Canada — Opening a bank account
General Canadian account-opening identity-verification requirements and examples of acceptable identification. Non-Canadian citizens or people living abroad may be able to open an account with appropriate identification, but must contact the specific bank; this is not a commitment by National Bank to open an account.
FINTRAC — Methods to verify the identity of persons and entities
Canadian reporting entities, including banks, must follow requirements for individual identity-verification methods, government-issued photo identification and procedures to verify document authenticity and match the person for non-face-to-face verification.
FINTRAC — Beneficial ownership requirements
Requirements for obtaining UBO information when a financial entity verifies an entity’s identity, the 25% direct or indirect ownership/control threshold, director/control-structure information, accuracy checks, and recordkeeping.
Canada Revenue Agency — Information for individuals holding accounts with Canadian financial institutions
Personal tax-residency self-certification and overseas address/TIN information; separate implementation of information exchange under the Canada–US IGA/FATCA and CRS for other jurisdictions; reporting rules for US citizens and non-resident accounts, and foreign tax number requirements.
Canada Revenue Agency — Information for entities holding accounts with Canadian financial institutions
Entity tax residence, tax number, US status/classification and controller-reporting information; foreign entities may be asked to explain their place of registration, business activities and controllers; the different exchange scopes of CRS and the US IGA/FATCA.
OSFI — Reporting on anti-money laundering, anti-terrorist financing and sanctions
OSFI’s monthly regulatory reporting requirements for federally regulated financial institutions regarding activities specified under certain regulations involving designated persons.
Global Affairs Canada — Canadian sanctions: Essential information
Canadian sanctions may include financial prohibitions and asset freezes; due-diligence recommendations concerning listed persons and indirect connections include checking individuals, entities, relevant lists and regulations, and indirect control relationships.
FINTRAC — Politically exposed persons and heads of international organizations guidance
Applicable PEP/HIO and related-person risk management; requirements to reasonably determine the source of funds for an account or transaction and the source of personal wealth; and the reporting entity’s obligations in the relevant sanctions risk assessment.
Canada Deposit Insurance Corporation — List of member institutions
The current CDIC member list names National Bank of Canada and its publicly listed associated operating names. The page itself does not verify the coverage eligibility or limit for any individual deposit.