Starting October 11th, 2024, mortgage industry agents must follow new FINTRAC rules to prevent money laundering and terrorist financing. Read below to learn about these requirements and how Vaultie can help you easily meet your KYC (Know Your Client) obligations.

When you first start a business relationship with a client, you must verify their identity. Keep reading to see how Vaultie makes this process simple! You also need to check if a third party is involved in large transactions or if the client is a politically exposed person. 

Verifying your client's identity has never been easier. Simply input your client's email, and a request will be sent to them directly. The process takes 5 minutes, and involves taking a photo of their government-issued photo ID, then taking a selfie. Our secure approach to ID verification ensures that you and your client's information will remain private, no matter where they verify from.

How Vaultie Helps Mortgage Agents with KYC Protocols Under New FINTRAC Requirements

Three different paths all led to similar answers. Learn about the origins of identity verification within the legal sector in Canada through our podcast with DIACC President Joni Brennan, Jay Krushell and Phil Brown. 

DIACC’s Joni Brennan, the Law Society of Ontario’s Phil Brown, Vaultie’s Meyer Mechanic and Treefort’s Jay Krushell all joined together to discuss the origins of Identity verification in Law

T2D2: Diving into Law Societies, Lawyers, and Client ID Verification with Phil, Jay, and Meyer

We delve into the challenges, opportunities, and principles guiding the future of digital identity verification in the legal sector.

Trust Talks and Digital Dives: Diving into Law Societies, Lawyers, and Client ID Verification

Detective David Coffey reported that the Financial Crimes Unit initiated an investigation in 2022 into a synthetic identity credit fraud scheme that originated in 2016. The investigation revealed that several suspects had purportedly generated over 680 distinct fake identities. These identities were then employed to submit applications and establish hundreds of bank and credit accounts at numerous banks and financial institutions throughout Ontario.

Can you spot what's wrong with one of the IDs?

We had a hard time telling by looking at these with our naked eyes, but some telltale signs might tip you off. These would be have been caught by our tests, which include facial biometrics, a live selfie compared to a government-issued ID in real time, and an auditable authenticity report for KYC compliance. When you verify your clients with Vaultie, we run 15 different tests on their ID to ensure it is authentic, giving you peace of mind that your clients are who they say they are. 

Find out more about how we’re preventing fraud daily for over 700 law firms.

The Toronto Police Service recently busted a counterfeit ring through Project Déja Vu. The operation led to 12 arrests, 102 charges and at least $4 million in lost funds

Hey, Meyer Mechanic here, founder of Vaultie. I founded the company on the belief that there should be a safer approach to interacting with your clients, think, a “clean hands” approach. I think digital identity and credentialing solve that issue. Coming from a banking background, I set out to create a software that would enable individuals to digitally lay claim to their personal data and allow anyone they chose to share it with to verify it.

Fraudsters are becoming smarter, and the tools we relied on for decades no longer offer those same protections, especially when it comes to digital trust.

We do this by tethering fraud-resilient and verifiable credentials to sensitive information such as digital IDs, legal documents, and financial contracts, and also by anchoring data to blockchain. So, we created a digital trust solution that can always be authenticated by others.

We’re happy to have you, welcome. 

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How we're changing the digital trust game

We help individuals secure their personal data using blockchain technology to create verifiable credentials tied to digital IDs, legal documents, and financial contracts. This provides a fraud-resistant digital trail that collaborators can always authenticate and trace.

Our core values are rooted in offering ultra-secure digital trust solutions.

We’ve made it our mission to make Vaultie the ultimate solution for all of your digital trust needs

Insights & Revelations!