Why do we perform identity verifications?
We are required to perform identity verifications for Newton account sign-ups as part of our obligations to FINTRAC (the Financial Transactions and Reports Analysis Centre), Canada's anti-money laundering and counter-terrorist financing (AML/CTF) organization.
We use automated verification software to verify your identity. This is the most common type of identity verification and usually takes 2 to 3 minutes to complete. We check the information you provide against at least two databases, and we also check for any red flags that might suggest identity theft, synthetic identity, or other common forms of fraud.
How do we conduct a photo verification?
As part of our measures to confirm your identity, we use third-party identification services third-party such as Persona Inc. (“Persona”) and others. To learn more about Persona’s privacy practices, click here.
If we are still unable to confirm your identity using our automated process, we will be unable to open an account for you. In this case, you are welcome to submit your information again once you have obtained more comprehensive identity documentation.
Additional information we may require
FINTRAC guidelines require us to match a person's name, date of birth and address against at least two reliable sources in some cases. Acceptable documentation includes hydro, cell phone, telecommunications, etc. and must:
- Be current with a date no older than 45 days
- Match the name and address used to sign up for Newton
- A PDF format that is downloaded directly from the provider’s website is preferred
For the full list of documents we accept, please see the following article: What documents do we accept for proof of address?
Record-keeping
As part of our obligations to FINTRAC and for anti-fraud purposes, we are required to keep certain records. Please see our privacy policy for details on what information we collect and store.