C.04 Compliance - Client's Identity
Client's Identity
Every client must be identified, we recommend getting an updated copy of their driver’s licence for every new loan. Brokers are to adhere to the specific lenders requirements on all occasions especially with regards to AML-CTF legislation.
Credit Checks (Equifax) Our policy is that you do not need to complete a Credit Reference Check for your clients. However we do recommend you complete one if you have any concerns or don't know the client. Best practice is to complete one every time as it does give you a useful insight into the a clients recent behavior.
HINT - VowNet will allow you to complete a Veda Check in seconds with the press of the +EQUIFAX Button in the personal details section. For this to work you need to have the clients full name, date of birth, drivers license details and address already entered in VowNet.
Once pressed an Equifiax Document will be saved to the Documents.
ID Smart Vownet has ID Smart which is a third party VOI app. It is best practice to use this app if you can when you conducting a Video Conference with a client. Your lender may not accept this so please refer to your lender.
Recommendation of Diligence Some clients are already well known so we recommend being more diligent for unknown clients as follows:
How do you known the client? Noting how you know the client or how they were introduced is an important part of the compliance process. Please make a file note in VowNet to demonstrate this. This best place to do this is in the Notes section (bottom) of the clients personal details. This field will also be used in the Broker's Notes mail merge document.
Verifications Brokers are required to complete the entire Verifications section to file note what methods were used to verify the client.
Social Media Check Completing a Social Media check on the client is a useful way of adding an extra layer of confidence when verifying someone's identity. You can go to Facebook, Linkedin, Instagram, Google and other sources to check out the clients online presence match's what they have advised you.