Toronto-based Securefact Transaction Services Inc. is looking to make client onboarding easier for financial services institutions with the launch of a new identification verification tool.
The Secure Identification Network for Individuals (a.k.a SIDni), which is set to launch in November, helps financial services institutions verify basic know-your-client information, such as a person’s name, address, date of birth, and the client’s three-year credit file history by checking “multiple authoritative databases,” according to Securefact.
The new tool meets updated guidelines from the Financial Transactions and Report Analysis Centre (FINTRAC), the regulator for Canada’s anti-money legislation, for customer-not-present ID verification, which means companies can onboard clients remotely, Securefact says.
“It’s essential that financial services institutions are assured that they are ascertaining the identity of the individual being onboarded,” says David Sudbury, president and CEO of Securefact, in a statement. “SIDni is designed to be dynamic; so, as FINTRAC guidelines evolve, SIDni will adapt to the changes, too.”
More specifically, FINTRAC now allows financial services institutions to identify clients who are not physically present using a dual identification process.
Through this process, a company can use two pieces of ID, such as a utility bill and a bank statement, to identify the client. All documents must be seen in their original physical or digital format to be valid.
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