Name
Global FinTech Guide
Country Name
Canada
SectionTitle
Identification
Body
FinTechs belonging to this category provide identification services, which are required for most banking services.

Introduction

Attitude of the country towards identification services

Identification services are easy to find and we are not aware of any reservations.

Legal affairs

Obligations and requirements to provide identification services

To acquire a license, the financial services entity must adhere to KYC and AML regulations. Costs for this depend on the service provider accessed by the financial services.

Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area

N/A

Economic conditions

Market size for identification services and biggest companies in this business area

Market size for identification services is unknown. Given, all financial services have to conduct KYC and AML procedures, it is fair to assume the market share is large. Canadian major banks would be the largest entities according to market share.

Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area

N/A

Authors

Disclaimer

© 2022, Miller Thomson LLP; Shibley Righton LLP. All rights reserved by Miller Thomson LLP; Shibley Righton LLP as author and the owner of the copyright in this chapter. Miller Thomson LLP; Shibley Righton LLP has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

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