Electronic Identity Verification
EIV stands for Electronic Identity Verification which is a software designed to confirm and validate the details of your identity. An EIV runs your ID document (passport, driver licence, birth certificate) details against the national databases such as the NZ Transport Agency and Passport DIA to confirm your ID is current and valid. By confirming that a customer’s date of birth and ID document registration numbers are true and accurate, you can trust that this individual is who they say they are.
An EIV also searches against the Dow Jones Watchlist for PEP Checks.
A biometric verification is where a person can be uniquely identified by their appearance and is a clear and true likeness to their ID document. This is also to confirm the individual is in possession of the ID document. These extra measures ensure that the individual has the document and that it is in fact their I.D. This decreases the risk of any false documents being sent through on their behalf.
In other words, this is when you are compared to your ID to confirm that it is your ID, that you do in fact own the document and you are not pretending to be someone else, confirming a true likeness.
An alternative to this method of verification with an ID, the customer’s IDs can be certified or verified in person by a suitably qualified people. For example, your passport can be certified by a lawyer, chartered accountant, registered teacher or a Justice of the Peace to name a few.
Due to the nature of these aforementioned roles, they have the ability to certify an individual’s I.D or address document. This certification states that the document is a true and real copy, and that you are in fact the person in the identification document. Each of these professions are registered and have to renew their registrations regularly, as well as go through training to be allowed to certify documents. Essentially this person is putting their name and profession on the line stating that yes, this is a true and real copy of the document.
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The world of EIV and biometric verification can seem to be rather daunting. However as more and more legislation is put into place to thwart money laundering attempts, they both are essential in customer onboarding and property listing. If your company is being slowed down by the AML requirements of onboarding, or if you are being verified and want to know more about how to streamline the process, get in touch today to learn more.
About First AML
First AML is an AML technology provider, and the maker of Source, an all-in-one AML platform. Source powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Its enterprise-wide, long term approach to the KYC / CDD data lifecycle addresses time and cost challenges while minimising compliance, reputational and security risks.