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.”
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.”
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 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.