The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    216.73.216.227

    KYC/AML Compliance in light of FinTRAC

    Kyc and aml compliance

    Witnessing the updated AML/CTF regime; the guidelines by FinTRAC regarding ID verification have been imminent.

    The new amendments in the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (2015) now outline complete classification of methods and related requirements for reporting entities with reference to KYC/AML compliance. While these guidelines may restrict areas of business or halt transactions in progress; the new concept makes things clearer, systematic and reduces the impact of financial crime and anonymity.

    The transition period which was first described as June 30 2016 to June 30 2017, was extended to January 2018. Once this period is over; all entities are required to assess verification processes according to the methods mentioned within. Now that the guideline has been enacted, all the intermediaries are bound to ensure that their user on-boarding is done with Due Diligence and as part of the system devised by FinTRAC Authorities. The crime prevention space has readily changed as a result of the new set of rules. With every day there are new technologies being offered in the market for ID verification purposes. The nature of data being processes by these mediums increases liability. To ensure User data is protected and not accessed by third party platforms, or on server which are unsecured; there is definitely the need to establish standards of working.

    FinTRAC under the PCTFR, has outlined its main objectives as;

    • Collecting, analyzing and disclosing information to assess and prevent financial crimes.
    • Restricting the unauthorized use of information.
    • Increase public awareness regarding AML Compliance and Due Diligence.
    • To ensure efficient record keeping of information stored.

    For intermediaries; FinTRAC has clearly mentioned acceptable “Methods to Identify Individuals”

    Single Process Method:

    The single process method is two-fold. The verification is carried out with the help of either a Government ID card or User’s credit file.

    Dual Process Method:

    The dual process is a hybrid of twice checks where multiple resources are vetted in order to establish an identity/presence of a person. The verification is carried out by the scrutiny of two mutually exclusive pieces of documents which are Acceptable Documents to ensure AML compliance.

    Acceptable Documents:

    FinTRAC has announced a list of ID Cards, Documents or such material which is deemed acceptable for KYC and AML processes. The complete details mentioned in the guidelines can be found here. Due to increasing number of membership cards and multiple authorized sources; acceptable kind of documents have been restricted to ensure maximum transparency.

    Record-keeping:

    FinTRAC’s major goal is to make sure that responsible parties have a proper mechanism and system in place which can record/hold the information provided by the User as well the output generated as a result of the verification process. For this purpose a record or log of every verification process step and documents submitted for KYC or AML compliance is mandatory.

    With the help of newly released guidelines by FinTRAC, Canada based businesses can now run a smoother and quicker on-boarding process.

    To learn more about Shufti’s FinTRAC compliance contact [email protected] to access our product report.

    Recommended For You:

    Related Posts

    Blog

    Who’s Really Signing Up? The Hidden Risks Behind iGaming Growth

    Games of chance and wagering money have a long and illustrious history around the world, from ear...

    Who’s Really Signing Up? The Hidden Risks Behind iGaming Growth Explore More

    Blog

    When Compliance Changes Fast, How Can Growth-Stage Companies Keep Up?

    Growth-stage companies face a unique challenge: as their operations expand and regulations evolve...

    When Compliance Changes Fast, How Can Growth-Stage Companies Keep Up? Explore More

    Blog

    Choosing the Right Approach: Document versus Non-Document Verification

    In the fast-paced fintech landscape, identity verification is more than a regulatory checkbox — i...

    Choosing the Right Approach: Document versus Non-Document Verification Explore More

    Blog

    The Future of eWallets and Shareable Identities: Will It Ever Be the Norm?

    If you’ve ever added a credit card or concert ticket to your eWallet, you know it’s typically a s...

    The Future of eWallets and Shareable Identities: Will It Ever Be the Norm? Explore More

    Blog

    Fighting Back Against Merchant Identity Fraud with Sophisticated Identity Verification

    As more and more of our lives become digital, the stakes for effective fraud prevention have neve...

    Fighting Back Against Merchant Identity Fraud with Sophisticated Identity Verification Explore More

    Blog

    The Impact of India’s Data Protection Act

    If you’re responsible for compliance in India, you know the data privacy landscape doesn’t stand ...

    The Impact of India’s Data Protection Act Explore More

    Blog

    Smart Growth in Uncertain Times: Powered By Shufti

    Just five years ago at the onset of the COVID-19 pandemic, the global economy was struck by the h...

    Smart Growth in Uncertain Times: Powered By Shufti Explore More

    Blog

    AI Document Verification 2025

    Why This Matters in 2025 Digital onboarding is booming, but so is document fraud. The global iden...

    AI Document Verification 2025 Explore More

    Blog

    Who’s Really Signing Up? The Hidden Risks Behind iGaming Growth

    Games of chance and wagering money have a long and illustrious history around the world, from ear...

    Who’s Really Signing Up? The Hidden Risks Behind iGaming Growth Explore More

    Blog

    When Compliance Changes Fast, How Can Growth-Stage Companies Keep Up?

    Growth-stage companies face a unique challenge: as their operations expand and regulations evolve...

    When Compliance Changes Fast, How Can Growth-Stage Companies Keep Up? Explore More

    Blog

    Choosing the Right Approach: Document versus Non-Document Verification

    In the fast-paced fintech landscape, identity verification is more than a regulatory checkbox — i...

    Choosing the Right Approach: Document versus Non-Document Verification Explore More

    Blog

    The Future of eWallets and Shareable Identities: Will It Ever Be the Norm?

    If you’ve ever added a credit card or concert ticket to your eWallet, you know it’s typically a s...

    The Future of eWallets and Shareable Identities: Will It Ever Be the Norm? Explore More

    Blog

    Fighting Back Against Merchant Identity Fraud with Sophisticated Identity Verification

    As more and more of our lives become digital, the stakes for effective fraud prevention have neve...

    Fighting Back Against Merchant Identity Fraud with Sophisticated Identity Verification Explore More

    Blog

    The Impact of India’s Data Protection Act

    If you’re responsible for compliance in India, you know the data privacy landscape doesn’t stand ...

    The Impact of India’s Data Protection Act Explore More

    Blog

    Smart Growth in Uncertain Times: Powered By Shufti

    Just five years ago at the onset of the COVID-19 pandemic, the global economy was struck by the h...

    Smart Growth in Uncertain Times: Powered By Shufti Explore More

    Blog

    AI Document Verification 2025

    Why This Matters in 2025 Digital onboarding is booming, but so is document fraud. The global iden...

    AI Document Verification 2025 Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started