Why Source of Funds or Utility Bills Are Required

Created by Akunna Okorie-Tanko, Modified on Tue, 2 Dec, 2025 at 8:26 AM by Akunna Okorie-Tanko

To comply with FINTRAC (Canada), we must verify your income and address before increasing your limits.

At Switch Hub, we are committed to ensuring a secure and compliant experience for all our customers. As part of our adherence to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations, we must verify your income and address before we can increase your limits. This process is essential for maintaining the integrity of our services and protecting our customers.

Why Do We Need to Verify Your Income and Address?

1. Regulatory Compliance: FINTRAC requires financial institutions to verify the identity of their clients and assess the risk of money laundering and terrorist financing. By verifying your income and address, we ensure that we are in full compliance with these regulations.

2. Protecting Your Account: Verifying your information helps us protect your account from fraudulent activities. By confirming your identity, we can better safeguard your financial transactions and personal information.

Security of Your Documents

We understand that privacy and security are paramount when it comes to your personal information. Rest assured that all documents you provide for verification remain encrypted and securely stored. Our advanced security measures ensure that your data is protected against unauthorized access and breaches.

If you have any questions or concerns about the verification process or how we handle your information, please don’t hesitate to reach out to our customer support team.