With the increasing on emphasis for those involved in the property sector to conduct thorough and robust customer due diligence many firms are finding they are spending a lot of time verifying their customers identity.
Manual checks can be both time consuming for businesses and not a great experience for customer either. One solution is to use online ID verification through certified Identity Service Providers like other selves which allow customers to complete ID checks remotely. Not only is this an improved experience for customers but it also ensures ID checks follow the same stringent process and reducing manual mistakes.
Here are five problems digital ID verification solves instantly
1. Chasing clients for ID documents
Arranging suitable times for customers to bring in their ID documents can significantly delay sales progression for Estate Agents or Mortgage Application times. If additional parties are involved, such a s a co-purchaser or mortgage guarantor, this can be even more difficult to arrange and with legislation requiring that you identity individuals independently you can’t rely on one person bringing in someone else’s ID documents.
With our remote ID checks rather than chasing clients for ID, it’s as simple as: send, snap, scan and submit. That’s it. You send out an invite via email, your clients or clients then completes the process when it suits them and there’s no need to ask for utility bills or bank statements either. Our software checks multiple data sources instantly to verify proof of address. Our biometric facial recognition technology verifies the person is ‘live and present’ and that they match the image of their ID documents.
2. Document verification
One of the key components of verifying someone’s identity under the Government’s Good Practice Guide (GPG) 45 checking the evidence is genuine or valid. Most of think we could spot a fake but in a recent LinkedIn poll only 33% correctly identified the how many characters there are in a UK passport number.
With our technology you don’t have worry about any of this, you save hours of training as well as analysis. We verify 72 different data points on a UK Passport and 50+ on a Driving License INSTANTLY. It’s not just UK IDs either. We verify over 1,000s of different types of documents from all around the world.
3. Downloading PEPs and Sanctions list
With new individuals and companies being added to sanction lists daily (especially at the moment) if you aren’t downloading the latest lists from then you could potentially be in breach. While downloading list might straightforward enough humans are prone to error and skipping over mundane tasks. We automatically update our sanctions lists everyday thanks to deep integration with multiple data sources and running a check against these lists is instantaneous.
4. Storing and accessing records securely
With digital identity verification there is no need to photocopy and store documents in filing cabinets anymore. Digital AML solutions, like ours, store all files securely for a minimum of five years (the minimum time expected of you under AML regs) and can be easily searched and retrieved.
Not only do you save on admin time on photocopying and correctly storing documents but also on retrieving past files. Pop a name in a search bar and in a few clicks you can find what you’re looking for with a complete audit trial of who did what and when.
5. Consistency in your AML processes
Do you always use the latest sanctions list?
Is every document stored securely for at least 5 years?
Do different offices have different processes?
How does your remote CDD compare to your in person CDD?
By going digital you can be confident that the same processes are followed every time reducing the risk of manual errors and missed steps in your policies.
Photo by Olav Ahrens Røtne on Unsplash
