As a money service business (MSB), Shakepay is currently regulated by FINTRAC and Revenu Québec. This means there are certain guidelines Shakepay must adhere to in order to operate as a business.
There were some new regulations that went into effect on June 1, 2021. Because of this, we'll need to ask customers some additional questions in order to remain compliant. We want to provide some updates on what this means.
Long-term, this means we’ll be able to offer more services to our customers
Short-term, you’ll notice some changes in the app and requests for additional information
The additional questions that you’ll see in the app aren’t for marketing purposes. We will never sell that data, and responses will only be shared with Canadian regulators when we are obligated to do so.
For more information on these requirements, please visit https://www.fintrac-canafe.gc.ca/intro-eng
Why do I have to verify my identity?