As of October 11, 2024, new FINTRAC regulations have been introduced that impose stricter compliance requirements on mortgage brokers across Canada. These regulations are designed to enhance anti-money laundering (AML) and anti-terrorist financing measures, making it more important than ever for brokers to meet identification and verification standards. For full details on the new requirements, you can view the official FINTRAC guidelines here.
What Are the New Requirements?
The updated FINTRAC guidelines focus on several key areas, including:
- Enhanced due diligence: Mortgage brokers must now conduct more thorough identity verification for clients.
- Recordkeeping requirements: There are stricter obligations for maintaining client identification records.
- Ongoing monitoring: Brokers must regularly assess the risk of money laundering or terrorist financing related to their clients and transactions.
These changes require mortgage brokers to adopt reliable tools to verify the identity of their clients and store this information securely.
How Fastkey Can Help Mortgage Brokers Stay Compliant
At Fastkey, we understand the challenges that these new regulations pose. Our Biometric ID Verification tool, which is FINTRAC compliant, offers mortgage brokers a seamless solution to meet these updated requirements. Here’s how:
- Biometric ID Verification: Our tool allows mortgage brokers to quickly and accurately verify the identity of their clients by comparing a selfie with their government-issued ID, ensuring compliance with enhanced due diligence measures.
- Real-Time ID Checks: Fastkey’s system runs real-time checks to validate the authenticity of the client’s identification, offering peace of mind and security.
- FINTRAC Compliance: Our platform is fully compliant with FINTRAC regulations, meaning brokers can trust that they are meeting all legal requirements when using our service.
Why Choose Fastkey?
Fastkey’s Biometric ID Verification solution is a simple and effective way for mortgage brokers to:
- Meet the new FINTRAC regulations quickly and efficiently.
- Ensure compliance with ongoing monitoring and recordkeeping requirements.
- Reduce the risk of non-compliance fines or penalties.
By integrating Fastkey’s FINTRAC-compliant tools into your workflow, you can focus on what you do best – helping clients – while we handle the technical side of compliance.
Register for free by clicking here and get started with our Biometric ID Verification today!