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) as well as obtain a PEP (politically exposed person)sanctions and adverse media screenings (paid).
Or manually record the "Risk assessment checks" and Politically exposed person (PEP) check themselves (free)
To watch a video on how to enable the Third party features for Fintrac in Finmo click the arrow below:
Ways to obtain a PEP check (PSA screening) in Finmo
Ways to record ID verification in Finmo
There are two options on Finmo:
Third-party verification with Persona (paid feature) or manual ID verification (free)
Third-party PEP check (PSA screening) with Persona (paid)
Finmo has partnered with Persona to provide seamless Integration to do a PEP screening directly within Finmo.
Important: A team administrator on Finmo must enable "PSA screenings with Persona" in the "Compliance" section of the "Team settings" on Finmo and a credit card must be entered to enable the service for the team
Why use third-party PEP check (PSA Screening) ?
Screen borrowers against global databases for PEP (Politically exposed person) status, sanctions, and adverse media.
Brokers will receive a report identifying anything related to PEP, sanctions and/or adverse media and all clear if none.
In-depth reports saved within the borrowers' document section that will be kept within Finmo for record-keeping purposes.
How much does third-party PEP Check (PSA screening) cost?
PEP and sanctions: CAD $.95 per screening
PEP, sanctions and adverse media: CAD $2.45 per screening
Manual politically exposed person (PEP) risk assessment check (free)
Brokers can choose to capture PEP data to meet regulatory requirements, record the
borrowers’ relationship to a PEP individual and document the risk measures taken manually themselves by identifying PEP exposure, PEP affiliation per borrower. and record details:such as relation to a borrower, official role or position and association of wealth. Brokers can also keep records of the PEP results and evaluation methods within Finmo for compliance purposes.
How to enable Pep checks with Persona (team admins only)
1. Click on the "gear" icon in Finmo
2. Select "Compliance" on the left menu
3. Turn the toggle to "Yes" in the "PEP, sanctions and adverse media" section
Important: You must have a credit card entered in the billing section of Finmo to enable
The credit card will be billed for each check/screening ordered.
How to request PEP, sanctions and adverse media (PSA) screening using third-party validation (paid feature)
1. In the application choose "Fraud & risk assessment" from the left menu, choose which screening type you would like and then and click on "Request PSA screening"
2. An email will be sent to the borrower asking them to click on a link to "Start screening check" and they will be guided through the process to complete. (See borrower's experience for a detailed description)
3. The broker will receive an email once the screening has been completed.
4. Review the results in Finmo by clicking on "View or download PSA screening report"
5. The document will be stored in the "Documents" section of the application where it can be viewed or downloaded for compliance purposes.
What is the borrower experience using Persona's ID verification?
1. Once the link in the email to the borrow to "start screening check" is clicked they are taken into Persona where they start by clicking on "Begin verifying". The borrowers will then be guided through Persona's verification process.
2. The Borrower enters basic information such as full name, DOB and nationality
3. Once completed, Persona will run the checks and send and email to the broker advising the results are available in Finmo
How to manually record a politically exposed person (PEP) risk assessment check (free)
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 input the data you collect from your borrower in the "Politically Exposed Person (PEP) Check" section such as "Relation to a borrower", "Official role or position" and "Association of wealth" etc.
2. The information you enter will be stored in this section for compliance purposes.
Additional Resources
Should you have any questions please click on the chat button in Finmo :)