Fast and Easy KYC with Persona
KYC for Primary Administrators and Ultimate Beneficial Owners (UBOs)
Why Completing KYC is Important
What is KYC?
KYC (Know Your Customer) is a mandatory process that verifies the identity of individuals to prevent fraud, money laundering, and other financial crimes. It ensures that businesses understand who their customers are and comply with regulatory requirements.
At Float, all users, administrators, and beneficial owners must complete KYC to access and use our products. This process is a regulatory requirement mandated by FINTRAC (in Canada) and FinCEN (in the United States).
Fast and Easy KYC with Persona
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 5 business days (not including weekends and holidays).
You can pause your session and return to complete it within one week.
You have up to 5 attempts to complete the verification.
To better understand the KYC verification process and the technology behind it, you can learn more about Persona on their official website. They provide comprehensive resources and insights into how their identity verification solutions work. Visit Persona's website for more information.
KYC Verification for Primary Administrators and Ultimate Beneficial Owners (UBOs)
Primary Administrators and UBOs must complete Enhanced Identity Verification. This process requires more information to meet regulatory standards, which includes uploading Photo ID and facial imaging.
KYC Verification for Spenders, Managers, AP Clerks and Administrators
For all roles that require KYC verification outside of the Primary Administrator, you will need to provide the following information in Persona:
Full name
Date of birth
Full address
Once submitted, Persona will verify your details. If more information is needed, our KYC team will reach out.
Please note: If your company has enabled company wide Enhanced Identity Verification, you will need to provide Photo ID as well as facial imaging to complete KYC.
Why Completing KYC is Important
Completing KYC is essential to meet the regulatory requirements of FINTRAC and FinCEN. Without it, users will not be able to access Float cards or services.
We are committed to making this process seamless, so you can start using Float with confidence and without delay!
Troubleshooting & Support
- If there are any issues or if Persona cannot complete the verification, our team will manually review your case within 3 business days.
- If we require more information, our KYC team will reach out to you directly.
Commonly Asked Questions
Why is employee identification required?
We understand that this might seem confusing! At Float, 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 must Primary Administrators and UBOs go through Enhanced ID Verification?
We understand this requirement may raise questions! At Float, we are committed to ensuring the highest level of compliance and security for your business. Identification of Primary Administrators, 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.
Why am I getting the error: "Card owner [card owner name] must be OFAC and KYC approved to have a card" when creating a card?
All users must complete identity verification in order for a card to be assigned to them. If you experience this error when creating a card for a user, we recommend reminding the user to complete their identity verification.
You can send out a KYC reminder via email by following these steps:
Log in to app.floatfinancial.com > Navigate to Users
Search the user's name in the search bar > scroll to the right to the Actions column
Click Email KYC Reminder > an email with a verification link will be sent to the user
If the option to "Email KYC Reminder" is not available, the user has completed their identity verification submission, but it has not yet been approved by our team. Most submissions are approved automatically, but in cases where manual review is required our team will review the case within three business days.
If you have any questions or need assistance, please reach out to support@floatfinancial.com.