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FINTRAC PCMLTFA Compliance

Discover how PCMLTFA is enabling remote identity verification for Canadian financial service organizations.

The Situation

In October 2019, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) updated its Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) guidance on how to perform remote ID and identity verification.

Updates to Canada’s anti-money laundering and anti-terrorist funding regulations now make customer onboarding and compliance much easier for banks and fintechs.


Who is Impacted?

The PCMLTFA is legislation directed at the detection of money laundering and terrorist financing through its registration and reporting requirements for “reporting entities,” including financial institutions, accountants, casinos, dealers in precious metals and stones, money service businesses, securities dealers and life insurance companies, brokers and agents.

How Jumio Supports PCMLTFA Compliance

Under PCMLTFA, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) collects, analyzes and discloses information to help detect, prevent and deter money laundering and terrorist financing.

FINTRAC Requirement/Guidance Related to ID Verification:

“If an individual is not physically present, the authenticity of a government-issued photo identification document must be determined by using a technology capable of assessing the document’s authenticity.”

  • Jumio lets end users capture a picture of their ID with a smartphone or their computer’s webcam.
  • Jumio uses AI and machine learning to check the existing ID document against established government-issued ID templates.

FINTRAC Requirement/Guidance Related to Identity Verification:
“When an individual is not physically present, you must still determine if the individual presenting the government-issued photo identification document matches the name and photo of the person in the authenticated document provided.”

  • Jumio’s face-matching algorithms compare the selfie with the picture on the ID document.

FINTRAC Requirement/Guidance Related to Face-based Biometrics:
“An individual could be asked to take a ‘selfie’ photo using the camera on their mobile phone or electronic device, and an application used by you, as the RE (reporting entity), would apply facial recognition technology to compare the features of that ‘selfie’ to the photo on the authentic government-issued photo identification document. A process would have to exist to also compare the name on the government-issued photo identification document with the name provided to you, as the RE, by the individual.”

  • Jumio’s face-matching algorithms compare the selfie with the picture on the ID document.

More Ways Jumio Can Support You

Jumio’s state-of-the-art identity verification technologies support all PCMLTFA requirements while also helping regulated Canadian banks and financial institutions more efficiently compete in their market and around the globe.

With Jumio, banks can streamline the onboarding process with an identity verification process that takes seconds. This translates to less online abandonment, fewer manual reviews and less hassle for your end users.

Increase conversion rates with a process that removes friction while instilling assurance

Real-time course corrections to help ensure a successful verification process

Supports more than 3,500 ID document types from around the world

Certified liveness detection thwarts deepfakes and spoofing attempts

AML screening automates the KYC process for new account onboarding and ongoing monitoring

Face-matching algorithms compare the picture in the selfie with the picture on the ID document

Get Started

Let a Jumio expert show you how easy it can be to integrate our automated verification solutions into your onboarding process, whether it be within your app or on your website. Request more information here and we’ll be in touch shortly.