Identity Verification is an essential process that consists of two main components: Anti-Money Laundering (AML) and Know Your Customer (KYC).
How Do We Perform Identity Verification?
We can cross-reference public records to confirm their identity (KYC), ensuring they are who they claim to be. In addition, we check their name against various watch lists, such as Patriot Act lists, to confirm they are not barred from investing (AML).
Who Needs to Undergo Identity Verification?
The requirements for identity verification vary depending on the type of investor:
Individuals: Both AML and KYC checks are required.
Joint: Both individuals must pass AML and KYC checks.
Retirement/Brokerage: All individuals must pass AML and KYC checks.
Entity: The entity must pass AML checks, while the Authorized Signer must pass both AML and KYC checks.
Trust: The trust must pass AML checks, while the Authorized Signer must pass both AML and KYC checks.