What is Verification of Identity?
Verification of Identity (VOI) is the process of confirming that a client is who they claim to be using reliable documentation and data sources.
Why VOI matters for accountants
Under AML/CTF obligations, firms must:
- Identify clients before providing services
- Ensure information is accurate and up to date
- Reduce the risk of fraud and impersonation
VOI is a foundational step in meeting these requirements.
What documents are typically used?
VOI commonly involves:
- Passport or driver licence
- Medicare card or other secondary ID
- Proof of address
VOI vs KYC: what’s the difference?
- VOI confirms identity
- KYC (Know Your Customer) goes further by understanding the client’s activities, risk profile, and behaviour
Both are essential for AML compliance.
Risks of poor identity verification
- Exposure to fraud
- Regulatory breaches
- Reputational damage
- Incomplete compliance records
How digital VOI improves the process
Digital VOI solutions:
- Reduce manual errors
- Speed up onboarding
- Provide stronger audit trails
- Improve client experience
How InfoTrack supports VOI
InfoTrack’s VOI capabilities allow firms to:
- Verify identity digitally
- Capture and store records securely
- Integrate VOI into broader onboarding workflows
Final thoughts
VOI is not just a compliance requirement. It is a critical control that underpins effective client onboarding and risk management.