Why do you need one?
When verifying a customer during the CDD/KYC process, a proof of address document may be required. This can be for a number of reasons, as the electronic identity verification (EIV) may sometimes not be able to verify the address of an individual. Some of the reasons this might happen include:
- Recently moving house
- Difference in name across different documents (e.g. maiden name)
- Database may have a different address listed against the individual
- Renting, or owning a number of different residences
Providing a proof of address document ensures that you do in fact reside in the household, allowing for less risk for the entity verifying you.
Which documents fit the criteria?
There are many different types of documents that will be accepted as proof of residence. The document has to state the address, the date (within the last 12 months), and the individual’s name. Some examples of what are accepted are:
- Bank Statements
- Utility bills (welcome letter to the utility company if you haven’t received a bill yet)
- Government letters from the IRD (Inland Revenue Department) or rates notice
- Signed lease agreements
Once supplied, these documents can be used as confirmation of the individual’s address, without having to electronically verify the information. If you are residing overseas and going through KYC/CDD in Australia or New Zealand, you will be required to provide a proof of address document as overseas addresses often cannot be verified using the government databases. However, if you are residing overseas, the types of documents accepted vary depending on which country you are in.
About First AML
First AML streamlines the entire anti-money laundering onboarding and compliance process. Backed by real expertise, its cloud-based KYC Passport allows complex entities to share their verification across multiple companies and geographies, at their discretion.
Making an otherwise complex and manual onboarding process simple for clients and cost effective and compliant for businesses, First AML delivers efficiency and time savings, protecting reputations, and enabling companies to be on the right side of history in the face of global threats.