Why we perform identity verifications
We are required to perform identity verifications for Newton account sign-ups as part of our obligations to FINCEN (Financial Crimes Enforcement Network), US’s anti-money laundering and counter-terrorist financing (AML/CTF) organization.
There are two types of identity verifications we may perform:
- Automated Verification. This is the most common type of identity verification and usually takes 2 to 3 minutes to complete. We check the information you provide against at least two databases, and we also check for any red flags that might suggest identity theft, synthetic identity, or other common forms of fraud.
- Manual Verification. If our automated verification software is unable to verify your identity, we complete a manual verification. In these cases, we require additional information to verify your identity.
Manual verifications
FINCEN requires us to match name, date of birth, and address against at least two reliable sources. Here are some of the documents we might need to complete manual verification:
Utility bills
Acceptable utility bills include hydro, cell phone, telecommunications, etc. and must:
- A PDF format that is downloaded directly from the provider’s website is preferred
- Be current with a date no older than 2 months
- Match the name and address used to sign up for Newton
Government-issued photo ID
Eligible photo ID must be issued by a federal or state government.
Examples of acceptable forms of photo ID:
- Passport
- Permanent resident (PR) card
- Passport card
- Driver’s licence
- Provincial identity (photo ID) card
- Tribal ID card
Examples of unacceptable forms of photo ID:
- Student cards
- Municipal ID
How do we conduct a photo verification
As part of our measures to confirm your identity, we use third party identification service providers such as Persona Identities Inc. (“Persona”) and others. To learn more about Persona’s privacy practices, please visit https://withpersona.com/legal/privacy-policy.
If you fail manual verification
If we are still unable to confirm identity using a manual process, we will be unable to open an account. In this case, you are welcome to submit your information again once you have obtained more comprehensive identity documentation.
Record-keeping
As part of our obligations to FINCEN and for anti-fraud purposes, we are required to keep certain records. Please see our privacy policy for details on what information we collect and store.