Finmo allows you to connect your brokerage or team to Equifax's KYC connect service by enabling the connection. To connect, the Equifax assigned AML Member number and Security digit must be entered either at the "team level" by a team administrator or at the "brokerage level" by an organization administrator.
Important: The Equifax assigned AML member number is what dictates who will be billed for the KYC pulls.
In order to connect to this service you or your brokerage must be set-up with Equifax prior to enabling the service on Finmo.
How to enable the KYC connect service on Finmo (team level) if you have already obtained an Equifax AML member number
Note: You must be a team administrator to enable. Only one AML Member number per team is required and that person will be billed by Equifax for all KYC pulls for that team.
1. Navigate to the team settings by clicking on the "gear" icon. Then select "Compliance" on the left menu and scroll down to "Equifax KYC verification".
2. Enter your AML member number and your security digit.
3. Move the toggle to "Yes" under "Enable ID verification with Equifax". Once enabled you will be able to pull KYC reports using the Equifax KYC connect service . The person assigned the AML member number will be directly billed by Equifax not Finmo for all pulls by anyone on their team.
How to obtain an AML member number from Equifax if you have not previously been assigned one (for teams where your brokerage is not covering the cost)
Important: In order to obtain an AML member number you must already be registered with an account with Equifax and have an account number (Equifax Member Number). If you do not yet have an Equifax account reach out to na.account.services@equifax.com before completing the steps to enable KYC AML connect services on Finmo.
1. Complete the KYC Addendum via Adobe Sign.
English: https://bit.ly/4dvlcXB
French: https://bit.ly/3ZLNfyI
Note: Only one AML Member number per team is required and that person will be billed by Equifax for all KYC pulls for that team.
2. When you have completed and signed the document, the form will forward to Equifax.
3. Equifax will send an email once the AML member number and security digit has been assigned .
Sample email from Equifax
4. Once this email is received your connection will be available within 3 business days.
5. If you do not receive an email or have questions you can contact Equifax at gbscanada@equifax.com
6. Enable the service on Finmo.
Click this link to learn how to enable the Equifax KYC AML connect service on Finmo.
How to find your AML member number from Equifax if you have previously been assigned one from another vendor (Filogix, Velocity, BOSS etc)
1. Enter your existing AML member number and security digit. The brokerage owner/requestor should have received this information via email from Equifax. Check your inbox for an email from the following address na.account.services@equifax.com.
Sample email from Equifax
Click this link to learn how to enable the Equifax KYC AML connect service on Finmo.
2. If you know you were assigned an AML member number but cannot locate it you can contact Equifax at gbscanada@equifax.com.
Note: You must know your Equifax member code (ie: the account number used to pull credit) in order for Equifax to provide you the assigned AML member number.
How to enable KYC connect service for all teams under a brokerage (organization admins only)
If you are broker owner and wish to have this service enabled for all teams in your organization on Finmo, you will be required to sign up for an AML member number and sign an addendum form to allow billing to be charged to your brokerage's AML member number if you have not done so already. Please reach out via email to Equifax SOS@equifax.com who will provide instructions and a form to be filled out.
Once you have completed this step and/or already have a AML member number you can enter the number into Finmo at the Organization level in your control centre and enable this service for you entire organization.
Note: You will be billed directly by Equifax for KYC pulls using their service
1. Click on the "globe" icon on the left menu to access the control centre
2. Select your brokerage name and then choose "Compliance" on the left menu
3. Scroll down to "Equifax KYC verification" and enter your AML member number and Security digit.
4. Turn the "Enable ID verification with Equifax" toggle to "Yes"
5. Click on "Save"
6. Once enabled for your brokerage, teams will see the following in their account. Unless the team overrides this and enters their own AML member number, the brokerage will be billed by Equifax.
How to contact Equifax for set-up questions
Email : na.account.services@equifax.com
Additional resources
Watch a video of how to enable Equifax's KYC connect service for an organization or for a team on Finmo.
Equifax's KYC Connect User FAQ
English or French
Should you have any questions please click on the chat button.