When onboarding new corporate clients, verifying directors isn’t just about ticking boxes – it’s about safeguarding your business and building trust from the start. But let’s be honest, compliance processes can feel overwhelming. That’s why we’ve outlined a straightforward approach to keep things stress-free and efficient in a handy infographic.
Begin with the essentials: the director’s full name, date of birth, nationality, and official ID details like a passport or national ID number. These foundational details can usually be gathered through your onboarding process or from company registration documents. Accurate information is the foundation of AML compliance and peace of mind, so it’s worth taking the time to get it right.
Next, cross-check the collected information against trusted databases such as national business registries. This ensures the director’s name, role, and other details match official records. Verifying these details early in the process can help you avoid potential missteps later.
Technology can play a crucial role in adding an extra layer of security. Using tools for liveness and biometric verification allows you to confirm that the person you’re working with is real and matches their official ID. Features like facial recognition or liveness detection add confidence to the process without adding unnecessary complexity.
It’s also important to dig a little deeper. Conduct a thorough risk assessment to check for red flags, such as sanctions, adverse media, or connections to high-risk industries or jurisdictions. These steps protect your business and keep you informed about who you’re partnering with.
Finally, don’t forget to monitor for changes. Compliance doesn’t end after onboarding – director roles, company status, or even associated risks can evolve. Automated tools that alert you to these updates ensure you’re always one step ahead.
