Sep 3, 2014

Whitepaper: Identification and Verification of Natural Persons in case of non-F2F acceptance

The use of online banking and online payment services has grown explosively over the last few years. As a result, according to Mariette Meijling of KYCnet, the traditional methods for the identification and verification of natural persons have started to be replaced by alternative solutions.

In the growing non-Face-to-Face (non-F2F) onboarding context, the acceptance process of a potential client is classified as high risk and therefore the identification and verification procedure should be performed very carefully. 

KYCnet has created an informative overview of methods that financial institutions currently use for identifying and verifying potential clients along with an outline of minimum requirements with which AML/CFT regulated institutions need to comply. 

Legislators provide three alternative processes which suffice as a verification method when no F2F contact with the potential customer takes place. However, these verification measures are often inconsistent, unreliable, time consuming and rather costly for both the potential client and the institution. 

For this reason, KYCnet suggests KYCvision as an alternative process for the performance of client identification and verification, being the world's most advanced solution for the onboarding and simplified due diligence of natural persons.

The full article in English can be read here.

Please click here to access the Dutch summary.