Verifying who you are dealing with.
WHAT IT IS
Establishing and verifying a customer's identity before providing services.
WHY IT EXISTS
To prevent financial crime, and because regulation requires it.
WHAT IT TYPICALLY INVOLVES
Collecting identifying information Verifying it against an authoritative source Screening against sanctions and watch lists Assessing risk Retaining records
WHAT TIERED REQUIREMENTS MEAN
Lower verification for accounts with lower limits, and fuller verification for higher ones.
WHY THAT MATTERS FOR INCLUSION
It allows people with limited documentation to access basic services.
WHAT ENHANCED DUE DILIGENCE APPLIES TO
Higher-risk customers: certain occupations, jurisdictions, and politically exposed persons.
WHAT IT ADDS
Source of funds enquiry, senior approval, and closer monitoring.
WHAT ONGOING OBLIGATIONS EXIST
Keeping information current Monitoring for changed risk Periodic review
WHAT TO BUILD
Verification at onboarding Re-verification triggers Records linking evidence to decisions
WHAT TO MINIMISE
Data retained beyond what is required.
WHY
Identity documents are an extremely attractive target.
WHAT TO VERIFY
Current requirements, which change. Take advice on your position.
