Electronic Verification can check a wider range of information, thus providing a more thorough knowledge of your client (KYC – Know Your Customer). In addition, it can also enable you to check other data sets such as PEP's and Sanctions lists, which is advisable and specified by the 4th European Money Laundering Directive. With fraudulent documentation on the rise, there is a need to refocus efforts on identifying them. Electronic Verification is designed to remove the risk of receiving potentially fraudulent documents; therefore you can have a greater level of confidence in their authenticity. Various checks are carried out on the documents to confirm as much as possible, therefore reducing the risk of ID fraud.
If Passports and Driving Licences are collected, why check anything else?
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