Uploading Supporting Documentation
Uploading support documentation in Iluminai can help expedite FINTRAC compliance and help reduce delays.
Overview
Uploading supporting documentation is essential for FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) compliance, especially for Corporate/Organization forms, where verification documents are required. While optional for Individual/Person forms, supporting documentation is commonly provided when using the Manual Method (Dual Process ID or Credit File flows) to reduce follow-ups and prevent transaction delays.
Providing identity, address, financial, and business verification documents upfront ensures smoother processing and minimizes back-and-forth with compliance officers. This article outlines what documents can be uploaded and how they contribute to a more efficient compliance process.
Note: It is not recommended to upload a customer's photo ID. Instead, use the faster and more secure Person Present or Person Not Present verification flows whenever possible.
Why uploading supporting documentation is beneficial
| Faster Approval Process | Providing complete documentation upfront reduces review time and potential rejections, allowing you to complete the transaction and get paid faster |
|---|---|
| Minimizes Compliance Delays | Avoid unnecessary back-and-forth with compliance officers |
| Ensures Regulatory Compliance | Helps your brokerage meet their legal obligations and avoid penalties |
Examples of what to upload
Supporting documentation can include any file that helps confirm or clarify client information. Some commonly uploaded documents include:
| Category | Document | Type of FINTRAC Form |
|---|---|---|
| Financial and Risk Assessment Documents | Financial Statements | Corporate/Organization |
| Bank Records | Corporate/Organization | |
| Screenshots of LinkedIn Profiles | Corporate/Organization or Individual/Person | |
| Business Verification Documents | Articles of Incorporation or Business Registration Certificate | Corporate/Organization |
| Corporate Shareholder Agreements | Corporate/Organization | |
| Business License | Corporate/Organization | |
| Proof of Address | Utility Bill | Individual/Person |
| Bank Statement | Individual/Person | |
| Lease Agreement or Mortgage Document | Individual/Person |