Why do I need to complete the Identity Verification?

Float's default product is a Prepaid Payment Product (PPP) account. All users added to/ spending on Float are subject to FINTRAC's compliance requirements for PPPs.

As part of this requirement, all Float users must be verified with a copy of their government-issued ID and a selfie verification step. We have partnered with Persona to automate this verification process. This ensures a safe, secure and seamless verification process for Float users.

FINTRAC requirements on their website are as follows:

• "You (Float) must verify the identity of every person, corporation, and entity other than a corporation for which you open an account."
• "You (Float) must verify the identity of every person authorized to give instructions on an account before the first transaction, other than the initial deposit, is carried out on the account."
• "You (Float) must verify the identity of every person, corporation, and other entity for which you open a credit card account before the credit card can be activated."

FAQ

Do users need to verify if they will not be spending using Float cards and will only submit reimbursements?

Yes. All Float users need to verify themselves when they create their accounts to maintain compliance with FINTRAC requirements.

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.

I do not have any valid government-issued ID. What do I do?

If you do not have any valid government-issued photo ID, please reach out to kyc@floatcard.com with context on your specific situation and we'd be happy to explore alternatives with you.

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.

The regulatory guidelines are explained in full detail on the Government of Canada’s website: 

https://www.fintrac-canafe.gc.ca/guidance-directives/prepaid-prepaye/1-eng