Fact or fiction?
I must use electronic verification or digital verification of clients.
Fiction: Some firms think electronic verification is mandatory, and sometimes software providers imply that it is. To be clear, you don’t have to use electronic or digital verification. It can be useful, especially since some services offer screening tools as part of the process, but it is not a regulatory requirement. If you do purchase a software you need to know whether you’ve bought access to software that covers KYC, risk assessment or verification checks. Not all systems do all three. Sometimes firms think their electronic system is recording a risk assessment when it's really only doing identity verification of key contacts or beneficial owners.
AML resources
Access a comprehensive collection of AML resources designed to help you navigate complex regulations, implement best practices, and stay compliant.
