OneID receives full certification for KYC and AML use cases

OneID receives full certification for KYC and AML use cases

OneID, the UK’s leading digital identity service, has reached a new milestone in the field of Identity Verification for Know Your Customer (KYC) and Anti-Money Laundering (AML).

Gaining recognition as a certified electronic identity for KYC and AML checks, OneID has undergone thorough independent audits. These audits affirm its alignment with stringent AML legislation and industry standards across financial services, legal, and accounting sectors.

OneID’s unique position as the only digital identity provider both regulated by the Financial Conduct Authority (FCA) and certified under the Department of Science, Innovation and Technology’s ID framework is further bolstered by this new AML certification. Customers can now employ OneID for onboarding onto products and services under AML regulation, ensuring compliance while enhancing the user experience. This next-generation digital ID solution eliminates the need for document scanning, thereby improving conversion rates.

Further cementing its reliability, OneID has also successfully concluded a project in the FCA’s regulatory sandbox. This project involved onboarding customers to a financial services provider, with the FCA expressing no concerns regarding AML compliance.

OneID simplifies the customer verification process, allowing for the safe and secure sharing of bank-held data with businesses. This reduces the need for manual data entry and document uploads, minimising errors and the risk of identity theft. For businesses, it offers a streamlined online experience, fostering digital transformation, enhancing sales conversions, and mitigating fraud risks.

Paula Sussex, CEO of OneID, stated, “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.”

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.