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Identity verification faces stricter FINTRAC oversight, Onespan warns
New compliance rules introduced by FINTRAC will require stricter identity verification across more regulated sectors, according to Onespan.
The updated regulations increase requirements for both online and in-person verification, expanding checks on large and suspicious transactions. Companies affected must adopt more rigorous processes to ensure they meet the strengthened standards. Onespan offers guidance on how organizations can navigate the enhanced regulatory demands and remain FINTRAC-optimized.
The heightened scrutiny around identity verification reflects broader regulatory currents, as seen when Onespan detailed how the upcoming PSD3 framework will intensify fraud and liability rules for banks. The urgency for organizations to adapt is underscored by Onespan's prior analysis on the critical need to overhaul authentication strategies as attackers accelerate efforts beyond current defenses, demonstrating that regulatory compliance remains a moving target for financial institutions.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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