How long does verification take?
What is the alternative to Persona?
I don't want to complete KYC verification. What are my options?
Why is employee identification required?
Why is identification for directors or UBOs required?
I don't have any government-issued photo ID.
I failed my verification attempt, what do I do?
Will my personal information submitted for KYC be stored securely?
Will providing my identity for KYC impact or affect my credit score?
Why is my SSN required for KYC?
How do I submit KYC if I don't live in Canada or the United States?
How long does verification take?
We use Persona for automated KYC verification. If no issues arise, the process will only take a few minutes. If there are any issues or if Persona cannot complete the verification, our team will manually review your case within 3 business days.
What is Persona?
Persona is Float's secure identity verification partner. You can learn more about how they protect your data in their Privacy Policy (https://withpersona.com/legal/privacy-policy).
What is the alternative to Persona?
If you prefer not to use Persona for your KYC verification, we offer an alternative through the dual-method process. This method requires you to provide an ID and a bill or bank statement from the last 60 days. To initiate this process, please reach out to our team at help@floatfinancial.com.
I don't want to complete KYC verification. What are my options?
All Float users must verify at this time. Unfortunately, users who fail to successfully verify themselves will not be able to access their Float accounts.
Why is employee identification required?
We prioritize compliance with regulations to protect your business and maintain the highest security standards. Identification of employees is part of our Know Your Customer (KYC) process, which is mandatory for holders of prepaid cards under FINTRAC regulations. For more details, you can find the requirements linked here.
Why is identification for directors or UBOs required?
Identification of directors and Ultimate Beneficial Owners (UBOs) is a crucial part of our Know Your Business (KYB) process, which helps us meet regulatory standards and protect against fraud.
I don't have any government-issued photo ID.
If you do not have any valid government-issued photo ID, please reach out to kyc@floatfinancial.com with context on your specific situation and we'd be happy to explore alternatives with you. You can provide any provincial or federal photo identification that is authentic, valid and current (not expired).
Documents Include:
- Passport
- Canada Permanent resident card
- Provincial photo card/ Identification card/ Services card
- Other valid identification documents that are authentic, valid and current!
We will reach out in case we require additional documents in addition to the provincial or federal photo identification to verify your current address.
I failed my verification attempt, what do I do?
If you run into issues with your Persona verification and have exhausted all 3 verification attempts, our team will reach out via email within 24-48 hours to help rectify any issues.
Will my personal information submitted for KYC be stored securely?
We collect personal data only to verify your identity (KYC) and provide the best possible service. Your information is securely stored for up to five years or as required by FINCEN or FINTRAC regulations.
At Float, your privacy and security are our top priorities. We follow the highest standards of data protection and are SOC 2 certified. We’ve put in place strong administrative and technical, and measures to protect your information from theft, loss, or unauthorized access, use, or disclosure.
Our trusted ID verification partner, Persona, also follows strict security practices and stores data in line with their privacy policy and SOC 2 standards.
For more information on the safety and security of your personal information, please review our privacy policy.
Will providing my identity for KYC impact or affect my credit score?
It will not! Float does not conduct a credit check when you apply for Float as a business or when you verify your spender account.
Why is my SSN required for KYC?
Float offers both USD and CAD cards. Float is required to adhere to FinCen requirements for USA citizens and FINTRAC requirements for Canadian citizens.
As part of the Customer Identification Program (CIP), FinCen mandates financial institutions to collect the following information (at minimum):
- Full name (First and Last Name )
- Residential or Business Address
- Date of Birth
- Government-issued photo ID
- An identification number
Float uses the Social Security Number as an identification number.
Click here to read more about CIP requirements or visit FinCen.gov for more information.
How do I submit KYC if I don't live in Canada or the United States?
As part of our commitment to regulatory compliance, we are required to follow KYC verification procedures, even if you do not reside in Canada. To make this process as seamless as possible, we accept government-issued identification from many countries.
Foreign nationals are required to provide an image of their passport and an address verification document such as a bank statement or utility bill.
If you run into any trouble with this, please email support@floatfinancial.com.