OneID® is now fully certified for KYC and AML use cases. OneID® enables ground-breaking digital transformation and cost savings over traditional approaches to Identity Verification for KYC and AML.
The UK’s leading digital identity service, OneID®, continues to scale out its capabilities and has gained certification as an electronic identity for Know Your Customer (KYC) and Anti-Money Laundering (AML) checks and processes.
OneID® has been independently audited and certified for AML use cases
OneID® has been assessed against AML legislation and industry guidance for financial services, legal and accounting sectors, and certified to meet all of the requirements of an electronic identity provider:
“Anti-Money Laundering (AML) An application for which digital identities provided by this company can be used, specifically the digital identities of a living person, as a part of customer due diligence processes in accordance with the requirements of Part 3 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.”
OneID® is the only digital identity provider both regulated by the FCA and certified under the Department of Science, Innovation and Technology’s ID framework. This additional AML certification means that customers can now use OneID® for onboarding customers onto products and services in scope of AML regulation, and achieve both AML compliance and a ground-breaking user experience at the same time. This enables a next-generation, 100% digital ID solution and increases conversion as document scanning is no longer required.
OneID® has successfully completed its FCA sandbox project
In addition to the certification, OneID® has completed a project in the FCA’s regulatory sandbox to onboard customers to an FS provider. The FCA had no concerns about the solution meeting AML compliance.
How OneID® works
OneID®’s digital identity solution makes it easy, safe and secure for customers to consent to share their bank-held data with a new business to prove their identity and speed up their online experiences.
OneID® reduces the need for customers to fill in lengthy online forms or scan and upload documents, helping them save time and reducing the risk of manual error. Stolen identity data also cannot be used in the process as the data is sourced directly from the customer’s UK bank, which reduces identity theft.
For businesses, OneID® can speed up and streamline the online experiences they offer their customers, enabling digital transformation benefits and increasing sales conversion. And it can help reduce the risk of fraud by making it easier to verify that customers are who they claim to be.
The Money Laundering Regulations (MLRs)
The MLRs enable the use of electronic ID for Customer Due Diligence (CDD), which is a key part of KYC/AML processes.
The ‘relevant person’ under the MLRs must:
- Verify the customer’s identity
- Assess the purpose and intended nature of the business relationship or transaction
And can use information obtained from “an electronic identification process that is secure from fraud and misuse” to meet the above requirements.
Industry guidance for AML allows for use of electronic ID for identity verification, with similar requirements across sectors:
- FS – Joint Money Laundering Steering Group (JMLSG)
- Legal – Legal Sector Affinity Group (LSAG)
- Accountancy – Consultative Committee of Accountancy Bodies (CCAB)
OneID® is independently certified against all of the eID requirements.
Paula Sussex, CEO of OneID®, commented: “This AML certification builds on our position as a trusted identity supplier with regulated and certified status with the FCA and DSIT. We are working with progressive innovative clients who want to provide game-changing journeys to their customers, whilst remaining compliant with AML legislation”.
About OneID®
OneID® is the only provider of truly digital, real-time identity services that create absolute certainty between a business and a customer, in the fastest, cheapest and safest way. Our digital ID services use the most advanced counter-fraud measures to help protect banks, businesses and consumers from online identity fraud. By streamlining existing ID processes, including payments, direct debits, onboarding and more, we help businesses reduce operational costs, increase sales and improve customer engagement.
As the only UK Identity Service with access to bank-verified data, 50m UK adults are already set up to use OneID®, for real-time verification. OneID® is government certified, regulated by the FCA and is a B Corp business.
Head quartered in the UK, we have brought together the best people in Digital Identity, Payments, Banking, Technology and Government to ensure we make the world a safer place. To learn more visit oneid.uk
