Meet and Exceed Your Regulatory Obligations
Origin Confirmed specializes in using AI to validate identities for Canadian businesses. We have combined "know your client" (KYC) automation with "anti money laundering" (AML) list tracking which creates a unified Fintrac compliance system. You get an enterprise wide validation and reporting solution that also provides a service to offices and assistance to agents.
Meet both personal and corporate regulatory obligations including:
Use our AI driven remote tools to provide self-serve Fintrac validation. Clients can capture Fintrac data from a government issued identity document, while confirming that the person doing the validation is the same person named on the document. Implement a Fintrac regime that meets and exceeds regulatory requirements without burdening your people.
Alternatively, when an in person service experience is required, our solution can be delivered via your agent's mobile device. Enable streamlined identity capture and validation that leverages the benefits of face-to-face relationships.
Identify:
Third party activity
Client risk
Nature of business relationship
Politically exposed persons (PEP)
Head of international organizations (HIO)
Ultimate beneficial ownership (UBO)
Fintrac is placing the onus on businesses to monitor past transactions. The responsibility to report change in risk is now with the brokerage. In other words, there is an expectation that you remain aware of changes in the risk of all past clients. When the risk score of past clients increases a business should report this to Fintrac.
We continuously monitor your previous transactions to ensure you're aware of changes in risk. Utilizing the same tools to assess risk (AML, PEP, HIO, etc) our automated monitoring will alert you when a past client's risk score increases for Fintrac reporting.
Suspicious transaction report (STR) record keeping and management is now an integral element in calculating client risk for Fintrac purposes. A history of all suspicious transaction reports can be stored within the system. Every time a Fintrac validation is performed, the STR history is instantly and automatically reviewed. Update the client risk calculation on behalf of your agent without user input.
If circumstances require a STR to be submitted to Fintrac, the system can connect electronically with Fintrac to deliver your report for you. The data to compile a STR is already in the system. Click a button and deliver your report. In addition, the STR is automatically stored for any future client risk calculations.
Any time a transaction involves a corporation, the service will automatically validate the incorporation status with government corporate registries. All Canadian jurisdictions are included. Access to US and international registries is also available.
In addition, we have bundled AI tools that assist your team identifying beneficial ownership. Without incurring extra expenses you will be able to identify all persons who directly or indirectly own 25 percent of the corporation's shares.
Leverage the Opportunity
We always strive to provide win/win/win outcomes. Roll out a company wide solution that turns regulatory requirements into data capture opportunities. Ensure adherence to all components of the Fintrac regime. At the same time automatically feed your corporate systems and provide opportunities to link into your deal management software or your CRM.
Missteps Can Have A Real Impact
Not only is Fintrac an administrative burden, getting Fintrac wrong can significantly impact your business's bottom-line. The following penalties are reported on the Government of Canada Fintrac website (https://fintrac-canafe.canada.ca/pen/4-eng):
In the last year, the following penalties were imposed to brokerages:
• $132,000 (August 2023)
• $156,750 (August 2023)
• $206,250 (July 2023)
• $57,915 (May 2023)
• $282,397 (March 2023)
Your business has an obligation to provide Fintrac reporting, let us help you do it properly.