During sign up, Shakepay follows a Know Your Customer (KYC) process, where we’re required to collect information to help us identify who you are. We use this information to run an identity check using a third-party.
This identity check, referred to as a “soft pull” check, is restricted only to Name, Address, and Date of Birth to match the details you provided for your Shakepay account with the information found on the credit bureaus’ database.
If the check passes, your identity will get partially verified on Shakepay; however, to fully verify your account, we ask for additional documentation to complete the check ourselves
Why does Shakepay need these documents?
As a money-service business (MSB), Shakepay is currently regulated by FINTRAC and Revenu Québec. This means there are certain guidelines that we must adhere to, to operate.
This includes collecting certain documents to verify your identity.
In short --- we collect these documents because it’s required of us.
Is submitting these documents safe?
As the security is a top priority for us, we keep your documents and/or selfie encrypted.
We also comply with Canada’s Personal Information Protection and Electronic Documents Act (“PIPEDA”, S.C. 2000, c. 5) and Quebec’s Act Respecting protecting Personal Information in the Private Sector (R.S.Q. c. P-39.1).
How Shakepay identifies individuals on sign up