Licensees must verify a client’s identity at the start of the business relationship using an approved FINTRAC method.

 “Start of the business relationship” is actioned by either taking an application or collecting a signed consent form. Whichever comes first.

In-Person Method
The client must be physically present (not a video call), and the ID must show the person’s name, photo, unique identifying number, and match their appearance. The ID's must be current and valid. Some acceptable documents include a driver’s licence, passport, permanent resident card, or provincial/territorial ID card. Please make notes of the time , date and location of the meeting.

Dual Process Method
Two pieces of information must be obtained from two different reliable sources, to confirm the information matches what the client provided to you in the application.

• Name and address (e.g., ID, utility bill, bank statement, property tax bill)
• Name and date of birth (e.g. ID, , birth certificate, permitted health card)

Credit File Method
Licensees must conduct an independent credit file search at the time of verification. Client-provided credit reports are not permitted.

At A Better Way Mortgage Group, this is completed using Equifax KYC Assist. The result of the Single Source Decision showing on the credit bureau must return “Y” to satisfy the Credit File Method requirements.

If your client was not able to meet the criteria of your first choice of FINTRAC approved methods, you will need to try additional methods until one is satisfactory.

If the client fails to meet multiple method attempts, please escalate to the compliance team for review.

Biometric ID Method - Fastkey

This is done directly through Velocity. It can be fount in teh Velocity Risk Assesment “Borrowers identity verified with” section. You will need to create an account and there is a cost to this method.