Brokerage administrators can enable compliance validation in Finmo to prevent brokers and other team members from submitting an application to a lender until specific FINTRAC compliance requirements have been completed.
When enabled, Finmo checks for:
Credit bureau verification
Identity verification
Politically exposed person (PEP) screening
Risk assessment and rating
Click the red arrow below to watch a video.
How to enable compliance validation
Note: You must be a brokerage administrator to manage this setting.
1. Log in to Finmo.
2. Select the "globe" icon in the lower-left corner.
3. Choose your brokerage name to open the Control Centre.
4. Click on "Compliance" on the left menu.
5. Select "Compliance validation".
6. Turn the toggle to "Yes" to block brokers and other team members from submitting applications without meeting compliance.
7. Click on "Save changes".
What brokers will see
When a broker goes to the "Submit" section of an application, Finmo will display a validation section showing any incomplete requirements.
For example, the application may show that the following items are missing:
Credit pull
Identity verification
Risk assessment
This creates a hard stop. The application cannot be submitted to a lender until the required compliance tasks have been completed.
Additional Resources
Click on the chat bubble in FINMO to connect with our Customer Success team.should you have any quetions or email support@finmo.ca.