AI-powered KYC for the US

Meeting KYC requirements in the US can mean using a mix of systems and manually confirming the identity of users. Onfido, an Entrust company, helps hundreds of businesses meet US KYC regulations in an end-to-end platform. With Onfido, you can also ensure that your organization meets the highest Identity Assurance Level amongst the National Institute of Standards (NIST IAL2) helping you confirm your users are who they say they are.

The Anti-Money Laundering Act of 2020 (AML Act) is the most significant reform to US AML law in decades. It differs from previous legislation by putting an emphasis on identifying and managing risks, versus strictly reporting on suspicious activity.

AML Act has led to a variety of rulemaking by the Financial Crime Enforcement Network (FinCEN) — part of the Treasury Department. FinCEN published its first list of anti-money laundering and countering the financing of terrorism (AML/CFT) priorities in June 2021, highlighting key threat trends and informational resources. The list of priorities is expected to be updated every three to four years and financial institutions should pay close attention to these priorities as they will feed into future regulatory changes.

According to the FDIC customer identification programs must include “risk-based procedures for verifying the identity of each customer to the extent reasonable and practicable.” At minimum banks must obtain the name, date of birth, address, and identification numbers of each customer — but may also need to verify more identifying information dependent on its BSA / AML risk assessment. Financial services are able to verify both data sources and identity documents either in person or digitally with identity partners.