AdamSea - Keep your money safe with Escrow Payment Security



AdamSea Escrow Payment Protection

AdamSea Escrow Payment Protection helps ensure funds are available prior to the Seller shipping the boat, vessel or yacht.  Funds are released with confirmed and compliant delivery with the Buyer. Escrow services are provided by Computershare both Buyers and Sellers can rest assured that their money is well taken care of.

What is an escrow service?

Escrow is a defined process whereby a boat buyer puts money into the custody of a trusted third party with a guarantee that funds are available for payment to the seller after a specified set of conditions has been met (shipment out, survey, boat inspection or sea trial).

How does AdamSea Escrow Payment Protection work?

Step 1

The Buyer sends the purchase price of the boat, including fees but excluding the shipping costs, to AdamSea's Escrow account managed by Canadian financial law and mintor by Computershre 


Step 2

The Buyer arranges for shipment with a selected AdamSea Shipper partner, paying those costs directly to the shipper.


Step 3

As requested, the Seller coordinates with the Shipper for pickup of the boat.


Step 4

The boat is shipped out to the Buyer, before that the shipper will release the  needed Documents of received for shipment. Once conditions are met, the funds are released to the Seller.


In the event of a dispute over the work and release of Escrow payments, AdamSea will assist both parties in trying to find a resolution before funds are released to either party.

With AdamSea Escrow Payment Protection, the Seller is assured funds are available before the Shipper arrives to pick up the boat, and the Buyer is sure to receive their vessel without fear of losing his or her money. 

The documentation that we must receive or see for Individuals, Corporations, Trusts and Other Entities is as set out below:

Identity Ascertainment

For any contracting party that is depositing funds or securities with us, we are required to ascertain their identity.  This means that we will require:

  • for Individual accountholders:  their name, address, date of birth, and principal business or occupation. We must also keep a record of the type, reference number and place of issuance of the original identity document produced to us (e.g. birth certificate, driver’s licence or passport (from any jurisdiction) or a similar record issued by the provincial, territorial, or federal government; notarized copies will not suffice).  Alternatively we can refer to a provincial health card (we cannot use health cards from Ontario, Manitoba or PEI for this purpose).  If we will not have the opportunity of meeting with an individual whom we must identify, a lawyer can agree to act as mandatary or agent for Computershare for the limited purpose of ascertaining the individual’s identity. If a lawyer from your firm were to act for Computershare in this regard, we would require him/her to complete the attached certificate(s).
  • for Corporate accountholders:  full corporate name, address, the names of directors (we may refer to a Management Information Circular if filed on SEDAR), and a copy of its official corporate records evidencing power to bind the corporation re the account; (acceptable records include articles, by-laws and/or authorization). We must also verify the identity of the individual executing officer(s) by means of viewing an original identity document, as described above (although we do not require their address, date of birth or occupation).
  • for Trusts: name and address of all trustees, all known beneficiaries and settlors, address and principal place of business of the trust, and a copy of a trust agreement.  We must also verify the identity of the individual executing officer(s) by means of viewing an original identity document, as described above (although we do not require their address, date of birth or occupation).
  • Other Entities, name, address and principal business, and a copy of a partnership, articles of association or other record evidencing existence.  We must also verify the identity of the individual executing officer(s) by means of viewing an original identity document, as described above (although we do not require their address, date of birth or occupation).


Beneficial Ownership or Control

For Corporations or Other Entities opening accounts with us, we must also obtain information about beneficial ownership or control which is to be completed on the attached AML Certificate form by the Corporate Secretary, General Counsel or other senior officer.  This means that we will require: 

  • for Corporations:

                     i)   the name of all directors; and

                     ii)  the name and address of all individuals who directly or indirectly own or

                          control 25% or more of the Corporation.

  • for Trusts:
    1. the name of the person/entity controlling the trust (de jure or de facto).
  • Other Entities: 

i)   the name and address of all individuals who directly or indirectly

     own or control 25% or more of the Entity.

AML Certificate

The Act requires us to conduct risk assessments on all our clients. In order for us to assess money laundering and terrorist financing risk, you will be asked to answer certain questions found in the attached AML Certificate. For example, you may be asked what is the intended business purpose of the business relationship with Computershare, does the proposed transaction with Computershare have a real and substantial connection with certain non-cooperative FATF countries or with offshore trusts, accounts, nominees or shell companies and whether the proposed transaction involves bearer instruments or securities. 

Ongoing Monitoring

The purpose of ongoing monitoring is to allow us to be in a better position to detect suspicious transactions as the business relationship develops. We are required to keep client identification, risk assessments, beneficial ownership and intended business purposes up to date. As a result, you will be asked to periodically complete a new AML Certificate (even if an AML Certificate was previously completed and submitted).

Politically Exposed Foreign Persons (“PEFPs”)

Where an account is opened in the name of an individual (including when we receive money or securities from an individual party), the attached Declaration form pertaining to PEFPs must also be completed by that individual.

A PEFP is an individual who holds or has ever held, or who has a relative (parent, child, spouse or common-law partner, the parent of the spouse or common-law partner, or a brother, sister, half-brother or half-sister) who holds or has held, any of the following positions in or on behalf a country other than Canada:

  1. Head of state or government;
  2. Member of executive council of government or member of a legislature;
  3. Deputy Minister (or equivalent);
  4. Ambassador or Ambassador’s attaché or counsellor;
  5. Military General (or higher rank);
  6. President of a state owned company or bank;
  7. Head of a government agency;
  8. Judge; or,
  9.    Leader or president of a political party in a legislature.

Exceptions to Identity Ascertainment and PEFP Requirements

Exceptions to Identity Ascertainment and PEFP requirements apply where the account to be opened is:

  1. in the name of, or if instructions are authorized to be given by, a bank in Canada, a trust or loan company, credit union, caisse populaire, securities dealer, life insurance company or regulated investment fund (in each case, Canadian); or,
  2. in the name of a ‘public body’ such as a provincial or federal department or Crown agency, incorporated municipal body or a ‘hospital authority’; or,
  3. in the name of a ‘very large corporation’ (“VLC”) or a subsidiary of a VLC if its financial statements are consolidated with those of the parent company VLC.  A ‘very large corporation’ is generally one that has a minimum of $75 million in net assets on its last audited balance sheet, whose shares trade on a major stock exchange designated by the federal government ( and which operates in a country that is a member of the Financial Action Task Force on Money Laundering (

Third Party Determination

For parties opening accounts with us, we must determine whether the account is to be used by or on behalf of a third party.  In this regard, we would request that the following clause be inserted into the Agreement, or that the accountholder complete the attached form of Third Party Declaration.  When employees of a company are acting on behalf of the employer, the employer is considered the third party.  Exceptions to the Third Party determination apply where the accountholder is a financial entity or a securities dealer engaged in dealing in securities in Canada.

Representation regarding third party interests

Each party to this Agreement (in this paragraph referred to as a “representing party”) hereby represents to [Computershare] that any account to be opened by, or interest to held by, Computershare in connection with this Agreement, for or to the credit of such representing party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such representing party hereby agrees to complete, execute and deliver forthwith to Computershare a Declaration, in Computershare’s prescribed form or in such other form as may be satisfactory to it, as to the particulars of such third party.  


Electronic Fund Transfers (“EFTs”) and Foreign Exchanges (“F/Xs”)

We wish to advise at this time that in the event that we effect an EFT outside the country valued at $1,000 or more and/or do a Foreign Exchange transaction of $3,000 or more, we will have to obtain from the individual directing the EFT or F/X his or her name, address and date of birth, plus, for an F/X transaction, his or her telephone number and principal business or occupation.  In addition, if an EFT or F/X is in the amount of $100,000 or more, we would require the individual to complete a PEFP Declaration in the attached form. Note: if the individual is giving the direction on behalf of a party that is a VLC (e.g., their employer), then only the PEFP Declaration will be required.


Please be advised that there may be unusual situations where further documentation may be required, but we will advise you of this should circumstances warrant it. 

Rest assured that your money is safe with AdamSea`s escrow payment protection. It ensures that the transaction takes place smoothly and is beneficial for Buyers and Sellers.

Escrow Payment Protection ensures that the funds are available before the Seller ships the boat, vessel or yacht. Funds are released with definite and compliant delivery with the Buyer. Escrow is a secured payment gateway where a boat buyer deposits money into the custody of a reliable third party. Funds are available for payment to the seller after certain conditions have been met such as shipment out, boat inspection, survey or sea trial.