What is AML identity verification?

Identity verification services were developed to help companies comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) rules, identity verification is now a vital component to the transaction ecosystems of eCommerce companies, financial institutions, online gaming, and even social media.

How long does AML verification last?

If you are a new business and your financial activities were captured by the AML/CFT Act or regulations at a later date then you have two years from that date to have your audit completed. Thereafter, businesses have two years from the date of their last AML/CFT audit to have their next audit completed.

How do I verify my AML?

The best way to do this is to ask for a government-issued document like a passport, along with utility bills, bank statements and other official documents. AML and KYC go hand in hand when it comes to the role of online identity verification.

What documents are required for AML?

List of Documents to Prove Identity

• Current Passport (must be valid and not expired)
• Current Full or Provisional UK photo card Driving Licence.
• Current EU National Identity Card.
• Construction Industry – Tax exemption certificate with photograph of holder (forms CIS4, CIS6, SC60)
• Firearms or shotgun certificate.

Is the AML / CFT code of practice mandatory?

This provides a suggested best practice for all reporting entities conducting name and date of birth identity verification on customers (that are natural persons) they have assessed to be low to medium risk. Complying with a code of practice is not mandatory, although it constitutes a safe harbour.

What is FATF guidance on digital identity verification?

The FATF’s guidance on digital identity verification serves as an introduction to its application in risk-based AML/CFT frameworks, including its role in CDD and KYC.

What do you need to know about digital ID AML?

The guidance covers terminology associated with digital ID AML, what constitutes “proof of official identity” in a digital context and how digital identities can be satisfactorily authenticated to FATF standards.