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Why do I have to verify my identity?
Why do I have to verify my identity?

Why does Shakepay ask for documents?

Updated over a week ago

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?

Shakepay is registered as a money service business (MSB) with FINTRAC, and a restricted dealer with the AMF and the securities regulatory authorities in all Canadian provinces and territories.

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).

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