Under Canadian law companies providing financial services are required to comply with government regulations which requires identifying our customers for the purposes of crime prevention (Know Your Customer (KYC) / Anti Money Laundering"). These regulations are the law, and until those laws are hopefully updated, we will continue to follow them.
We understand that privacy is important to our customers. This is why we specifically chose Persona due to their compliance with privacy regulations including GDPR, and because they have an explicit feature called Redact which deletes your data from their servers, unlike many identity verification providers, which do not even supply such a feature or make it difficult to use.
Persona is founded by ex-Square and ex-Dropbox personnel, it is certified under privacy laws: including Privacy Shield, GDPR, CCPA, and SOC 2. You can find out more about Persona's customer base here.