In Canada, mortgage brokers must comply with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulations designed to prevent money laundering and terrorist financing. These rules are legal obligations, and failure to meet them can result in significant fines, penalties, and reputational damage.

Key FINTRAC Requirements:

• Government-Issued ID: Brokers must collect a valid, government-issued photo ID from their clients, such as a passport or driver’s license.
• Reliable Verification Method: FINTRAC requires brokers to verify these IDs through a trusted process, ensuring the individual’s identity is authenticated.
• Document Retention: Brokers are responsible for keeping records of identity verification for up to five years.

How Fastkey Helps You Stay Compliant: Fastkey’s Biometric ID Verification tool simplifies compliance with these requirements:

• Automated Verification Process: Fastkey instantly verifies government-issued IDs using biometric technology. The system compares a selfie with the client’s ID photo, providing fast and accurate verification.
• Meets FINTRAC and KYC Standards: Fastkey ensures that your ID verification meets both FINTRAC’s regulations and Know Your Customer (KYC) compliance requirements. The automated process helps brokers avoid the risks of manual verification.
• Detailed KYC Reports: After each verification, Fastkey generates a comprehensive report that brokers can download for their own records, ensuring compliance during KYC audits and maintaining proper documentation.

With Fastkey, mortgage brokers can meet FINTRAC’s ID verification requirements while saving time and reducing errors.