CondoWorks new payments activation - CANADA

An introduction into our updated payments system for Canadian clients and instructions to complete Payments On-boarding.

Background

Due to regulatory requirements, CondoWorks payment services in Canada are now delivered by CW Payments Inc., a subsidiary of CondoWorks Inc. and a Money Services Business (MSB) registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

As part of regulatory obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, all banks, MSBs, and others providing payments services in Canada are required to obtain and verify certain information relating to their clients' business, including information relating to directors, owners, and other key individuals. Any clients wishing to obtain payment services in Canada are required to complete an on-boarding process prior to being approved to conduct transactions.

Completing the Payments On-boarding

Users who are agreement signers for your entity can complete the on-boarding process by logging into CondoWorks. This includes one or more of the following steps (as each step is completed, the next one will be presented automatically):

Cheque / agreements signature capture
Providing/updating/confirming entity information/identification (name, address, type of entity, etc.)
Providing/updating/confirming key individual information (directors, officers, beneficial owners, and signing authorities)
Completing identify verification
Accepting service agreements relating to one or more payment methods

Identity Verification

The default identity verification option is a credit file identity verification using Equifax. This does not impact your credit score and is not visible to anyone but you on your credit file.

If the credit file method does not succeed, you will be prompted to complete the identity verification by either providing one government-issued photo ID and a "selfie", or by providing two forms of identification. You will be automatically redirected to these options if the credit file method fails.

The credit file method can only be tried once, but you can retry the government-issued photo ID method by clicking on the back button on your browser or by restarting the payments on-boarding.

Tips:

- - Only the front of the ID is required
  - You can use the "Continue on another device" button to continue the ID verification process on another device (e.g. a mobile phone) if you wish
  - It's better to take a picture of an ID rather than uploading a scan
  - The "selfie" verification is best done in a low glare environment - i.e. no bright lights / sunlight above/around the head

Security and Privacy

We collect and store your data securely in accordance with applicable privacy legislation (Personal Information Protection and Electronic Documents Act), including following the federal Privacy Commissioner's guidelines relating to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Personal information collected during on-boarding is stored and used for the purposes of complying with applicable law (Proceeds of Crime (Money Laundering) and Terrorist Financing Act) and delivering services to you. This information will not be shared with anyone except as required by law or as necessary to deliver services to you.

We have a security-first approach to our service delivery. Among other things, this includes comprehensive written information security policies along with the appropriate development, testing, and operations practices, including strong financial, administrative, and technical controls.

How do I complete the process?

To complete the on-boarding, login to CondoWorks, click on your name in the top right corner, and click on "Payments On-boarding".

See below for a Video walkthrough