Introducing DocuSign ID Verification for FINTRAC Compliance

In today's increasingly online business landscape, organizations across the globe face the daunting task of finding the correct balance between delivering an efficient digital experience, maintaining a consistent level of security and integrity to safeguard sensitive data, and comply with industry regulations. Furthermore, industry regulations continue to evolve to ensure that businesses comply with regulations driven to prevent money laundering, terrorist financing, and identity theft.

Among these, FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, plays a pivotal role in overseeing the conduct of financial institutions and other businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. 

Recognizing the challenges businesses face in navigating the complexities of the regulations FINTRAC oversees, DocuSign is pleased to introduce a recent enhancement to its ID Verification offering, through the introduction of a dedicated ‘DocuSign ID Verification for FINTRAC Compliance’ System Owned Workflow (SOWF). 

DocuSign ID Verification for FINTRAC Compliance

A pre-configured and un-editable SOWF, customers will benefit from a centralized platform that’s tightly integrated into the DocuSign eSignature workflow, enabling them to easily capture all the necessary customer info for FINTRAC compliance. 

As part of the identity verification process, the system performs steps to authenticate the identification document presented and validate the individual identities by utilizing biometric analysis as part of the agreement process. This helps to prevent risks of identity fraud by automatically comparing the photo on the signer’s identity document and the video selfie they are asked to take.  

In addition to validating the authenticity of the government-issued identity document, the following customer information will also be captured during the verification process: 

• The customers’ full name 
• The date their identity was verified
• The type of document they used to verify their identity 
• The unique identifying number of the document 
• The jurisdiction (province / state) and country of issue of that document 
• The expiry date of the document (if available)

By securely storing and making this information readily available to customers through DocuSign ID Evidence, we make it easy for you to demonstrate compliance during future audits, should you be required to do so.  

By automating the process of capturing this information, not only will DocuSign customers save time, resources and money whilst successfully managing their FINTRAC obligations, but doing so will also help build trust and loyalty amongst their customers by demonstrating a commitment to financial integrity.

Learn more about DocuSign ID Verification.