Overview
When you open a Wealthsimple account, we verify your identity to comply with FINTRAC identity verification rules and industry best practices. We first attempt to verify your identity automatically through a 'soft credit check' with a credit reporting agency. This check helps us confirm your personal information and ensure it matches our records. This doesn't allow us to check your credit score.
Using a selfie and government-issued photo ID
FINTRAC outlines various methods for identity verification, including the selfie process we use at Wealthsimple.
In this process, we ask you to
- take a photo of your government-issued photo ID and then
- take a photo of yourself.
You can see an example of what this would look like below:
- Continue on phone: You will first be prompted to scan a QR code with your phone. Once you have done this, you will be prompted to take a photo.
- Upload a photo: You can upload an existing photo directly from your computer files.
Acceptable ID types
We accept the following forms of government-issued photo identification:
- Driver’s license from any Canadian province/territory
- Canadian passport
- Canadian permanent residence card
- Provincial photo-ID card
- Health card (only for BC and QC)
If you don’t have one of these, tap I don’t have these documents to upload alternative documents. You can also reach out to our support team for further assistance.
- It can't be expired
- It must include your full legal name as specified on your Wealthsimple profile
- It can't be altered in any way (including stickers placed on the front or back)
- It must be clearly legible, with no obscuring glare
- All four corners of the document must be visible
Manual verification
If we can't automatically verify your identity, we'll ask you to submit a selfie and a photo of your government-issued ID. This is often necessary if:
- There's a mismatch between the details we have on file and those provided by the credit reporting agency.
- Your credit history is too short.
- You don't have a file with the credit reporting agency.
Frequently asked questions
Is this process secure?
Your safety is our top priority. We leverage a secure, third-party service, Persona, to collect and review the documents you upload along with your selfie. Persona then automatically deletes your information after 90 days.
For record-keeping purposes, we keep your documents on file to assist with any future information changes you may need to make. We also have to keep some information as a minimum to comply with our regulatory obligations.
I’m having trouble verifying my identity, what can I do?
If you are having trouble verifying your identity using the selfie method, double-check that:
- Your app is completely up-to-date
- Your ID is not expired. We are unable to accept an expired ID
- All four corners of your ID are visible in the photo you submit
- There is no glare in the picture of your ID
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