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FINTRAC Compliance: What It Means and Why It Matters

When transacting new home sales online, ease and security are two key considerations that we keep in mind when designing our software, to make the experience the best it can be for both our clients and their customers. We’ve made the process simpler, more straightforward and more secure than ever with digital ID validation and identity selfies – and they’re all 100% FINTRAC-compliant.

FINTRAC-Compliant ID Verification Software

In choosing the platform to integrate with for our advanced identification verification software, we at SaleFish Software made sure that everything was FINTRAC-compliant.

FINTRAC is the Financial Transactions and Reports Analysis Centre of Canada, Canada’s financial intelligence unit. Amongst other responsibilities, it assists in the detection, prevention and deterrence of money laundering, receives financial transacting reports and voluntary information in accordance with the legislation and regulations, safeguards personal information under its control, and ensures the compliance of reporting entities with the legislation and regulations. FINTRAC’s financial intelligence and compliance functions are a unique contribution to the safety of Canadians and the protection of the integrity of Canada's financial system.

FINTRAC acts at arm's length and is independent from the police services, law enforcement agencies and other entities to which it is authorized to disclose financial intelligence.

In October of 2019, FINTRAC made provisions for software to be used for the purposes of verifying a person’s identity on behalf of the reporting entities (in this case, builders, developers and sales companies). After doing extensive research, we invested in a partnership with a software company that offers end-to-end AI-powered identity verification and authentication. With this new software embedded in SaleFish Online’s application, SaleFish can now validate the front, back and content of a person’s ID and then the person’s face, using facial recognition technology, through the process of taking a selfie. The powerful software can recognize multiple different types of IDs in Canada and also in Australia, Germany and Turkey, supporting our initiatives in these expanding markets.

ID Verification in Action

This means that when transacting real estate sales online, home buyers can simply take a photo of their ID and the technology will determine its validity, allowing buyers to submit their ID online for builders to confirm – and we can also authenticate a purchaser’s identity by having them take a selfie. Using AI, the software can ensure the selfie and ID match. The process is quick, seamless and secure – and it’s completely FINTRAC-compliant.

Protecting our clients and home buyers is our top priority, and this software is as good as it gets. We’re proud and excited to see this new addition to our suite of tools rolling out to more and more builders, developers and sales companies around the world.

If you’d like to see how this tool can work for you, contact us today for more info.

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