For many organisations traditional identity checks are no longer acceptable – paper ID documents can easily be forged, storage of a manual paper trail is expensive and simply not practical, especially in the case of remote transactions. Today, more and more businesses are turning to technology for solutions, adopting electronic identity checks as a means of verifying identity and satisfying know your customer requirements.
In the case of anti-money laundering, the Joint Money Laundering Steering Group (JMLSG) has stated that comprehensive electronic identity checks provide the necessary verification levels needed to meet legal obligations.
If you are currently processing identity checks via an electronic solution for AML purposes, it is essential that the system you choose satisfies certain criteria, as advised by JMLSG:
- Utilise a range of positive datasets, with the ability to link a person from current to previous circumstances
- Access negative datasets (i.e. gone away and mortality records) to protect against ID fraud
- Employ transparent processes which allow you to know which checks were performed, the results and what level of confidence they provide
- Ensure facilities are in place that allow you to capture and store identity checks and the data used to verify customer identity
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