Finmo has introduced features to streamline compliance process for the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) 2024 regulations to help you meet the new requirements with ease and confidence.

A dedicated "Fraud & risk assessment" section has been added into the application. This centralized hub allows brokers to perform all necessary compliance checks, record keeping, and assessments required for each deal. Here brokers can choose to use a third-party ID verfication (paid feature)

Or manually record the "Risk assessment checks" themselves (free)

To watch a video on how to enable third-party features for Fintrac on Finmo click the arrow below:

There are two options on Finmo:

Third-party verification with Persona (paid feature) or manual ID verification (free)

Finmo has partnered with Persona to provide seamless Integration to request ID verification directly within Finmo.

CAD $4.99 per verification.

Brokers can choose to verify identity using government-issued photo ID, credit files,

dual-process (e.g. utility bill plus another ID) or affiliate methods themselves or by recording details from face-to-face meetings.

1. Click on the "gear" icon in Finmo

2. Select "Compliance" on the left menu

3. Turn the toggle to "Yes" in the "ID verification section

The credit card will be billed $4.99 for each ID verification ordered.

Click the arrow below to watch a video:

1. In the application choose "Fraud & risk assessment" from the left menu and click on "Request ID verification"

2. The borrower will receive an email to consent to the validation

1. Once consented to by clicking the "Verify my ID" option in the email sent to them, borrowers will be guided through Persona's verification process.

2. Borrower provides consent

3. Select ID type

4. Take a selfie of the front of their face and both sides

5. Upon successful verification, the broker will receive a confirmation of the

complete ID verification and can view the verification report in Finmo.

6. Verification reports are stored in the borrower's document section within the application and can be viewed and/or downloaded at any time.

Below is a sample report which can be added to your compliance documentation.

In the event a borrower fails the third-party ID verification, that status will be displayed in the "ID verification section" of the application and on the report itself.

1. The report status will be displayed in red in the "ID verification" section under "Fraud & risk assessment".

2. Brokers will be able to see and review the reasons for the failure in the report.

If the report indicates the fail was because a borrower wasn't able to complete the verification (ie: they weren't able to provide an acceptable selfie or clear picture of an ID) and tries five times, it will fail.

Example:

You can request the verification again and you will not be charged twice.

3. If the fail is a result of the borrower's ID or answers to the identification questions and the verification was able to be completed and failed for a legitimate reason, you can choose to request another verification (for an additional $4.99 charge).

1. Choose the "Fraud & risk assessment" section of the application from the left menu when in the application. Scroll down to "Risk assessment checks" and select "Yes" in the Identity verification completed" field and choose the "Method used to verify identiy" and "Save".

2. Next fill in the "Know your Client" (KYC) check section by inputting all necessary information, such as ID type, document numbers, and issuing country etc and "Save changes".

3. Once entered and saved the record is saved within the application for compliance purposes.

Should you have any questions please click on the chat bubble in Finmo. :)