# Introduction

You may be wondering, now that you have decided to use Verifiedly to meet your KYC, KYB and AML obligations, What exactly do we provide and what are some sources we refer to?

In this section, we will try to go over our products, what they do, how they can help you meet your required obligations and what our government sources are.

# CIP (Customer Identification Program)

A Customer Identification Program (CIP) is a United States requirement, where financial institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA Patriot Act. More commonly known as know your customer, the CIP requirement was implemented by regulations in 2003 which require US financial institutions to develop a CIP proportionate to the size and type of its business. The CIP must be incorporated into the bank's Bank Secrecy Act/Anti-money laundering compliance program, which is subject to approval by the financial institution's board of directors. Source (opens new window)

note

The CIP rule requires that a bank retain the identifying information obtained about the customer at the time of account opening for five years after the date the account is closed or, in the case of credit card accounts, five years after the account is closed or becomes dormant. Source (opens new window)

# How we can help

When you run a KYC on a user, we respond with a requestID. This request ID let's you identify the user in our system and yours and helps you pull back the result of the verification at any time in the future as long as you have access to the API Key used when making the original request.

# KYC (Know Your Customer)

KYC "Know Your Customer" allows you to verify the identity of your customers. When you use our KYC API or KYC Session, we run a number of checks to ensure that the information provided matches up with official government sources.

# Checks

  1. SSN Verification: We verify the provided SSN and additional provided information against the database of the IRS (opens new window) to ensure that it matches up with their records. We also additionally check against the SSN Death Master File (opens new window) to ensure that the SSN being used does not belong to a deceases person.

  2. Address Verification: We verify the provided individual address against multiple government and shipping carrier databases to ensure that the address provided actually esists and is properly formatted.

  3. OFAC Check: We run a complementary OFAC (opens new window) check aganst the Office of Foreign Assets Control database and a number of other databases.

# KYB (Know Your Business)

KYB "Know Your Business" allows you to verify the identity of a business. When you use our KYB API or KYB Session, we run a number of checks to ensure that the information provided matches up with official government sources.

# Checks

  1. EIN Verification: We verify the provided EIN and additional provided information against the database of the IRS (opens new window) to ensure that it matches up with their records.

  2. Address Verification: We verify the provided business address against multiple government and shipping carrier databases to ensure that the address provided actually esists and is properly formatted.

  3. OFAC Check: We run a complementary OFAC (opens new window) check on the business aganst the Office of Foreign Assets Control database and a number of other databases.

# Anti-money laundering and OFAC

We run a number of checks against many lists and databases to enure that we help you stay compliant. We try our best to cover as much as possible but you will still need to do your own research to see what your country's requirements for AML compliance is.

# Checks

  1. OFAC Check: We run an OFAC (opens new window) check on the business aganst the Office of Foreign Assets Control database and a number of other databases.

# Additional lists/databases.

Here are additional lists / databases we check while running a OFAC request.

  • Entity List
  • Denied Persons List
  • Military End User List Unverified List
  • Nonproliferation Sanctions List
  • ITAR Debarred List
  • Foreign Sanctions Evaders List
  • Specially Designated Nationals List
  1. PEP Check: A politically exposed person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. Source (opens new window)

As there are no publicly available government databases of Politically Exposed Persons, we rely on our private database that is constantly updated daily.

  1. FBI Wanted check: Although this service is not always needed (depending on your country), we provide the ability to also check to see if an individual is actively wanted by the FBI (opens new window) so as not to onboard a user that may pose a great risk.
Last Updated: 2/27/2022, 10:10:50 PM