MINERVA AND PAAYS PARTNER TO HELP CANADIAN FINANCING AND LEASING BUSINESSES MEET NEW FINTRAC KYC AND AML REGULATIONS

TORONTO, April 7, 2025 /CNW/ - Paays Financial Technologies Inc. ("Paays"), a Canadian Enterprise FinTech company and Minerva, a Canadian Enterprise RegTech company are pleased today to announce a new partnership.  This partnership will see Paays integrate Minerva's AML ("Anti-Money Laundering") screening API to power the Paays AML Check solution.  When combined with Paays' market-leading KYC ("Know Your Customer") solution ID Verifier, this new integration will provide Paays customers with an end-to end, FINTRAC-compliant KYC and AML solution.

On April 1, Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC"), Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor, put into law new regulations which create significant new KYC and AML requirements for Canadian Financing and Leasing Businesses.  In addition to more stringent KYC rules, FINTRAC also introduced new AML requirements on Leasing and Financing Businesses.  Every finance and lease business must now establish a compliance program, enable on-going AML screening of both new applicants and existing borrowers, and adhere to reporting requirements to FINTRAC. 

Although these new regulations have only recently become law, their introduction has been anticipated for the past six months by the Department of Finance. Stemming from the Cullen Commission's investigation into money laundering in British Columbia's economy, it is estimated that between $45 billion and $113 billion is laundered annually in Canada, according to the Criminal Intelligence Service Canada. The 2022 Cullen Commission report underscores the urgent need for technological advancements in AML detection and reporting.

Meanwhile, FINTRAC, the federal agency responsible for monitoring suspicious financial activity in Canada, has issued 12 Notices of Violation for non-compliance to financial institutions, resulting in penalties exceeding $26 million since the beginning of 2023.

These fines highlight the seriousness that the Government of Canada (through FINTRAC) is placing on the money-laundering problem in Canada, and the urgent need to enhance AML and fraud prevention measures within the financial sector. Paays and Minerva, industry leaders in fraud prevention and AML compliance respectively, will combine their decades of experience and cutting-edge technologies to empower Financing and Leasing businesses with proactive risk management tools.

"Our partnership with Minerva is a recognition of these new FINTRAC regulations, our commitment to combating financial crime and protecting the integrity of Canada's Financing and Leasing sectors, along with a strong sense of ownership of the operational burdens these new regulations will create for our customers and the desire to help them ease these burdens," said David Fry, Founder and CEO of Toronto-based Paays. "By integrating Minerva, Paays is bridging a gap in the market, offering precise, actionable data that is proven to offer protection while not overburdening the businesses that need to use it."

Minerva's risk assessment platform consumes accurate, current and relevant data and analyzes it for financial crime risk in real time, then shares that information with Paays in real time.

"Paays' FINTRAC-compliant KYC solution ID Verifier is the perfect complement to our real-time anti-money laundering risk assessment capabilities," said Jennifer Arnold, founder and CEO of Toronto-based Minerva. "Together, we can empower Financing and Leasing businesses to avoid onboarding a bad actor in the first place and provide a robust shield against bad actors so they can proactively identify and mitigate risks, ensuring a safer and more secure environment for all participants in the Canadian Financing and Leasing sector.

Better together

Paays and Minerva's shared commitment to innovation and security is driving this powerful partnership and provides enhanced protection and FINTRAC compliance for Canadian Financing and Leasing businesses. Leveraging their respective experience in fraud prevention and AML, this new partnership will undoubtedly bring forward new innovations that will enhance the financial sector's ability to tackle money laundering.

About Minerva:

Minerva is an automated risk screening and ongoing monitoring platform that reduces false positives by 75%, enabling compliance teams to focus on true risks rather than noise. Founded by AML industry experts, the platform delivers comprehensive risk screening with intelligent alert management and customizable monitoring schedules. Trusted by leading fintechs screening millions weekly, Minerva helps companies onboard 96% of clients automatically while maintaining robust compliance standards. Learn more about Minerva at gominerva.com. Media contact us at [email protected].

About Paays:

Paays Financial Technologies is a Canadian-based leader in fraud prevention solutions, specializing in the auto finance and leasing industries. With a focus on leveraging AI and machine learning, Paays delivers cutting-edge tools that protect businesses from financial losses, streamline operations, and enhance customer trust. For more information, visit www.paays.com. Media contact us at [email protected]. 

SOURCE Paays Financial Technologies Inc.