KYB Refresh FAQ

Get quick answers about Floats Know Your Business (KYB) refresh, ensuring compliance with FINTRAC requirements and understanding why Float periodically updates customers' information for a secure and efficient operational environment.

What is KYB? 

KYB (Know-Your-Business) is a mandatory FINTRAC requirement for money services businesses (MSBs) like Float. It is the process of verifying and understanding the identity and background of business entities, including their ownership, structure and operations. 

Why do I need to provide information I already gave to Float?

As part of Float’s compliance and regulatory requirements, we periodically refresh and revalidate customer information to ensure we meet regulatory standards and promote a secure operational environment as an MSB.

What will this information be used for?

Your provided information will be used to update your Float account. This process is essential to guarantee that we have the most accurate details concerning your business. 

Is this mandatory or can you make an exception?

The information refresh is a mandatory requirement set forth by FINTRAC for money services businesses (MSBs), including Float. Direct exceptions to this requirement are not within our discretion. However, if you have specific concerns or inquiries, please communicate them to us, and we will promptly escalate the matter to our Compliance team.

 What are the next steps after I provide my information?

After you have provided the necessary information, your Float account will be updated, and you will be able to continue using our services. This process is essential to guarantee that we have the most accurate details concerning your business.

How are these documents stored? How safe is it?

Your documents are securely stored with industry-standard encryption, ensuring compliance with data protection regulations. Our cybersecurity measures reinforce our commitment to maintaining the highest standards of data security for our clients. Float is also System and Organization Control 2 (SOC 2) Type 2 certified which is an industry standard for information management at financial institutions.

Will Float share or sell my information?

Float does not share or sell its customers' information with external parties. 

If you have any additional questions or concerns, please reach out to support@floatcard.com and we’d be happy to help!