FINTRAC PCMLTFA Compliance

Online Identity Verification for Canadian Banks and Fintechs

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

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.

    Key Guidance Updates

  • Use appropriate technology to determine the authenticity of an ID document.
  • Ensure the name and photo on the ID matches that of the person presenting the ID.
  • Acceptable to use selfie capture for verification based on facial recognition.

Who Must Comply?

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.

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.

How Jumio Supports PCMLTFA Compliance

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 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.
FINTRAC Requirement / GuidanceDoes Jumio Support?How Jumio Helps
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.”

yes

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.

ID Verification

FINTRAC Requirement / Guidance

“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.”

Does Jumio Support?

yes

How Jumio Helps

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.

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.”

yes

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

Identity Verification

FINTRAC Requirement / Guidance

“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.”

Does Jumio Support?

yes

How Jumio Helps

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

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.”

yes

Jumio leverages biometrics to compare the selfie with the ID and applies state-of-the-art certified liveness detection to ensure the user is physically present and the selfie is from a legitimate user.

Face-based Biometrics

FINTRAC Requirement / Guidance

“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.”

Does Jumio Support?

yes

How Jumio Helps

Jumio leverages biometrics to compare the selfie with the ID and applies state-of-the-art certified liveness detection to ensure the user is physically present and the selfie is from a legitimate user.

More to Appreciate

Dramatically Higher Conversion Rates

Jumio helps remove friction during the onboarding process to give customers a hassle-free experience while also instilling greater confidence in the security of the transaction.

Real-Time Course Correction

Jumio provides more than 20 reason codes to explain why a given ID or selfie was rejected so you can help online users course-correct and continue with their application, instead of being rejected outright.

ID Document Security Features

Jumio supports over 3,000 ID documents from around the globe, and uses AI and machine learning to check the existing ID document against established government-issued ID templates and security features.

Selfie Matching

Jumio’s face-matching algorithms compare the picture in the selfie with the picture on the ID document. This plays a critical role in the identity proofing process since ID documents can be lost, stolen or purchased off the dark web.

AML Screening

Jumio provides more than 20 reason codes to Jumio Screening combines KYC-compliant ID verification with automatic AML screening for new account onboarding and ongoing monitoring. Make the right AML risk decisions with comprehensive, real-time global coverage of sanctions, watchlists, PEPs (politically exposed persons) and adverse media.

Certified Liveness Detection

When a new user creates an online account, Jumio’s state-of-the-art liveness detection captures an image of a government-issued ID and a 3D face map, which is instantly analyzed via AI to determine that the user is a living human and not someone attempting to spoof the system with a photo, video or different substitute for an authorized person’s face.

Get Started

Learn how Jumio’s identity solutions can help you meet FINTRAC’s guidelines for online customer identity verification.

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