How Identity Verification Works
1. Automated Verification (Credit File Method)
During onboarding, we securely compare your name, address, and date of birth with your Canadian credit file.
No Impact on Credit Score: This is a "soft check" used only for identity purposes. It does not affect your credit rating or history.
Common Reasons for Failure: Verification may not be automatic if your credit file is less than 3 years old, your address is out of date, or your file is "thin" (too few credit accounts).
2. Manual Verification (Dual-Process Method)
If the automated check is unsuccessful, we will request documentation to verify your identity manually. Per FINTRAC regulations, we must confirm two separate categories of information from independent, reliable sources.
Option A: Confirming Name and Address
Provide a digital copy or photo of a recent document (less than 6 months old) such as:
Utility Bill: Electricity, water, or telecommunications.
Government Statement: Benefits statement, or property tax bill.
Investment Statement: RRSP or TFSA statement from another institution.
Option B: Confirming a Financial Account
Provide a document that confirms you have an active account with a Canadian financial institution:
Bank Statement: Must show your name and account number. Your address does not need to match our records for this specific check.
Credit Card Statement: A recent statement from a major Canadian issuer.
Note: Per federal regulations, we cannot use a void cheque to verify your identity.
Document Requirements
To ensure your documents are accepted the first time, they must meet these strict FINTRAC standards:
Original Format: Provide a clear photo, scan, or PDF of the original document.
Unaltered: The document must not be redacted, altered, or cut off. All information on the page must be visible.
Current: Most documents (like utility bills or statements) must be the most recent version available and typically issued within the last 6 months.