Ver-ID Gets Canadian KYC Compliance

Applied Recognition‘s Ver-ID Credentials platform is now compliant with the Canadian Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the company has announced.Ver-ID Gets Canadian KYC Compliance

The solution uses facial recognition technology to match live photos of users’ faces to those depicted on their government IDs. Now, when the system is used with the Financial Transactions and Reports Analysis Centre of Canada’s “dual process” authentication method, which mandates the use of two valid identity documents, the solution “meets or exceeds” the guidelines laid out in the PCMLTFA, according to a statement from Applied Recognition.

As Co-CEO Ray Ganong explains, “Dozens of industries are governed by the limitations & mandates of the PCMLTFA to establish customer identity,” so the Toronto-based company’s solution could therefore prove popular in the Canadian market. Ganong went on to highlight the solutions value for “banks, credit unions, insurers, fintechs, attorney, notaries and many other businesses and professionals”.

The announcement comes soon after Applied Recognition launched support for two major mobile development platforms, allowing third parties to more easily integrate Ver-ID into mobile apps.

September 11, 2017 – by Alex Perala