The First AML Platform enables Compliance teams to choose the extent of information collected and verified for individuals in line with specific compliance program requirements.
Flexible verifications enable compliance teams to choose whether to apply an all-inclusive check or a KYC-only check, which may not require client contact. These verification settings will be configured during customer onboarding.
TABLE OF CONTENTS
- Verification Settings
- How to select Verification Type at a Case & Individual Level
- How do you upgrade or downgrade a verification type?
The following flexible verifications are available.
- Setting 1: Screening Only
- Setting 2: KYC Only (no EIV)
- Setting 3: KYC Only (with Govt ID)
- Setting 4: KYC & ID anti-tampering
- Setting 5: KYC, ID anti-tampering & biometrics
Compliance teams can select the most applicable of the five options they wish to be enabled depending on their relevance to their business, or jurisdiction.
Glossary:
| Term: | Meaning: | Further information: |
|---|---|---|
| EIV | Electronic Identity Verification | N/A |
| EIV form | Electronic Identity Verification form | N/A |
| KYC | Know Your Customer (Verifying Name, DOB, Address) | N/A |
| ID anti-tampering | ID document scan designed to identify fraudulent documents. | Click here |
| Biometric | Facial recognition, comparing the individual to their ID | Click here |
Verification Settings
The following is a list of definitions for each of the verification settings, and, a table confirming what individual details are verified:
Setting 1: Screening Only
A basic screening check (PEPs & Sanctions) using details supplied at case creation (name and DOB). No EIV form is sent.
Setting 2: KYC Only (no EIV)
A KYC (Name, DOB and Address) check based on details supplied at case creation. No EIV form is sent. Basic screening (PEPs & Sanctions) undertaken.
Setting 3: KYC Only (with Govt ID)
Requires the ID document holder to complete an EIV form. The ID document holder must consent, supply their ID document details and personal information.
Basic screening (PEPs & Sanctions) is undertaken as part of this check.
ID Document details will only be verified if GovtID Sources are required by country jurisdiction.
*Only available for NZ customers who need to check GovID as part of KYC
Setting 4: KYC & ID anti-tampering
Requires the ID document holder to complete an EIV form. The end user must consent, supply their ID document details and personal information. The end user must provide acceptable photographic evidence of their ID for anti-tapering checks.
Basic screening (PEPs & Sanctions) is undertaken as part of this check.
Setting 5: KYC, ID anti-tampering & biometrics
Requires the ID document holder to complete an EIV form. The end user must consent, and supply their ID document details and personal information. The end user must provide acceptable photographic evidence of their ID for anti-tapering checks, and perform a biometric check.
Basic screening (PEPs & Sanctions) is undertaken as part of this check.
*Biometrics can always be skipped (configured on by default)
How to select Verification Type at a Case & Individual Level
With assistance from your First AML Implementation specialist, select the verification settings that best suit your compliance needs. Once configured you will have the option to select verification type at a case and individual level.
Video demonstration
At a case level
- Select ‘Create new case’
- Select the primary entity type
- Select your verification type (click the downwards triangle to prompt the dropdown*)
- Enter the case name and submit your case
*Please note that only the options you configure will be visible in the dropdown. All individuals created and added within the case will automatically populate with the verification level you select at case creation. If needed you can adjust the verification setting when creating an individual within the case.
At an individual level
The verification level you selected as a case level will automatically populate when adding individuals. You can change an individual’s verification type by clicking the ‘Verification type’ dropdown.
Selecting any of the below options will ask for the individual's full name and contact details so you can send them an electronic identity verification form via the platform:
- KYC only (using EIV)
- KYC & ID anti-tampering
- KYC, ID anti-tampering & biometrics
Selecting KYC only (no EIV) will ask for the individual's full name, date of birth*, address*, and contact details.
*Mandatory fields
Selecting Screening only will ask for the individual's full name, date of birth* and contact details.
*Mandatory field
How do you upgrade or downgrade a verification type?
You can upgrade or downgrade a verification type for an individual easily.
- Navigate to the Manifest and click ‘Verification details’
- Click the dropdown under ‘Verification type’ and select whichever new verification type you want to change.
- Please note depending on the new select verification type there may be new mandatory fields.
- Upgrade Example: You are upgrading an individual from ‘Screening Only’ to ‘KYC + ID anti-tampering’. This will prompt you to provide the email address or phone number of the individual to send an EIV form
- Downgrade Example: You are downgrading from ‘KYC + ID anti-tampering + biometrics’ to ‘KYC Only’. This will prompt you to provide the individual’s name, date of birth and address information to run a KYC-only check.
- Upgrade Example: You are upgrading an individual from ‘Screening Only’ to ‘KYC + ID anti-tampering’. This will prompt you to provide the email address or phone number of the individual to send an EIV form
- Please note depending on the new select verification type there may be new mandatory fields.
- Click ‘Save’ to save the new verification type.