How OneID® offers safe, robust and compliant ID checks for CDD/KYC

Acceptable forms of identity

The Money Laundering Regulations (MLRs) and industry guidance for financial services (provided by the JMLSG), legal firms (LSAG) and accountancies (CCAB) regarding acceptable evidence for onboarding new customers states that electronic ID (eID) checks are acceptable forms of verification that can be used within the CDD process.

Businesses can use electronic identities from service providers who are certified to a recognised government framework as an acceptable form of eID in the CDD process, such as the UK’s Digital Identity and Attributes Trust Framework (DIATF).
 
Digital Identity schemes certified through DIATF and meeting GPG45 high confidence offer the same strength of control irrespective of the sources of evidence used and a bank-verified ID such as OneID® removes the potential of human or AI error through the acceptance of high-quality fake identity documents.

Reliable, audited, certified – with real-time capabilities

OneID® has been certified against the Digital Identity and Attributes Framework (DIATF) to a (GPG45) medium and high level of confidence. We have also been audited and certified as an ID&V provider for the CDD process and provide the 2+ evidence sources required by JMLSG via a single API call. Each call to OneID’s API returns up to date data direct from the individual’s bank, in real time. 

Evidence Retention and Record Keeping

OneID® customers receive all of the evidence data they need to maintain an auditable proof file to meet record keeping requirements. In addition, OneID® keeps a transaction record of what data is shared and with which party (but not the personal data itself). 

Optimal balance between tech and people

OneID® can be implemented at different points in the process, depending on when and how a digital ID check is embedded in a KYC workflow.  This flexibility enables customers to strike the right balance between tech-processes and people-based processes.  As the check can be completed at the individual’s convenience, and in real-time, it reduces the time taken to verify them, smoothing the journey and improving conversion rates. The improved conversion rate means that there is less human time spent on ID&V failures.

Versatile addition to KYC workflows

OneID® can be implemented in addition to existing methods to provide a variety of identity verification options for individuals or as a reliable backup method should an existing method fail. Alternatively, OneID® can easily be integrated as a standalone solution.

Inclusive – support individuals regardless of their identity evidence type

OneID® offers identity verification through traditional forms of documents as well as a bank-based identity solution for individuals that don’t hold documents such as a passport or driving license, a truly inclusive solution. 

Real-time, bank-based security

OneID® works in real time, verifying that the individual is who they say they are through bank-verified and secured information.  By leveraging the bank’s security and biometrics, it mitigates the risk of impersonation and identity fraud, protecting your business and your customers. 

OneID® also offers a product that checks against an industry fraud database for known fraudsters.

OneID® is regularly audited

OneID® undertakes regular audits of its products and systems by external bodies, including Digital Identity Systems Certification (DISC), to ensure that we remain compliant and meet the necessary requirements for GDPR, DIATF and electronic identity (eID) as part of CDD.   

Transparent; protecting businesses’ and individuals’ privacy

OneID® will only ever share data with the individual’s consent; they can either consent to share the required data, or not.  OneID ensures that businesses adhere to GDPR data minimisation principles to only request data they actually need.  If individuals do not consent to share the required information they will need to complete verification via an alternative method. 

Strong authentication link to the individual

As a truly digital identity verification solution, OneID® not only provides confirmation of the individual’s identity and their data, but through the use of biometric information or the individual’s private codes, forms a strong authentication link to the individual; it confirms they are the correct individual the business is transacting with. 

Uptime

OneID® is committed to providing a reliable service and is proud to have an uptime rating of 100%, ensuring that individuals can verify their identity at a time that suits them and businesses can minimise the risk of downtime in their processes.