Reverification Processes Can Ensure Compliance

Reverification helps protect organizations, ensure compliance and provide a deeper understanding of customers.

It’s the process of confirming identity information after an initial verification. Reverification might be necessary due to changes in circumstances for the organization or customer, expiration of a previous verification or routine checks that ensure compliance and that the information is up to date.

Reverification strategies can enable operational efficiencies because work is spread out over time and most checks are automated. Internal teams can then focus only on the checks that raise flags for further analysis. Strong reverification strategies also can improve the customer experience because reviews only cover specific information rather than the entire account.

The Importance of Ongoing Verification in a Comprehensive Compliance Program

Reverification highlights an organization’s good governance, constant vigilance and adherence to regulatory obligations.

Catch Account Changes
Information about people or business entities can change over time. Reverification ensures the data used for initial verification is up to date.

Maintain Regulatory Compliance
Some industries require organizations periodically verify customer information to maintain compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

Manage Risk
Regular reverification helps organizations manage risk by ensuring they have current customer information. Outdated or inaccurate data may be signs of fraud risk.

Enhance Security
Reverification adds a layer of security by confirming the validity of customer information.

Meet Policy Objectives
Some companies have internal policies that mandate periodic checks to ensure customer or employee information is accurate.

Build Trust
Reverification helps businesses build trust by showing they are diligent in keeping accurate records.

Reverification is a proactive approach to maintaining data integrity, complying with regulations and mitigating potential risks associated with outdated or inaccurate information.

Intelligent Reverification Workflows for Ongoing Customer Due Diligence

An organization’s regulatory obligations, risk-based approach and identity verification strategy determine how and when it reverifies customers. Here are some common reverification steps.

Schedule Reviews

Establish a schedule for regular reviews based on regulatory requirements, internal policies or industry best practices
Determine the frequency of reverification based on factors such as risk level, customer type and nature of the information

Communicate With Users

Notify users or customers about upcoming reverification
Clearly communicate the purpose of reverification, the information required and the consequences of noncompliance

Collect Data

Collect updated customer information such as identity documents, contact information and financial information
Employ secure, easy-to-use data submission methods, such as online forms or authenticated portals

Select Verification Methods

Choose verification methods – such as document checks, biometric verification or multifactor authentication – depending on the nature of the information and the risk

Automate Checks

Implement automated systems to cross-check the new information against existing records and databases
Use artificial intelligence and machine learning algorithms for efficient, accurate reverification

Assess Risk

Conduct a risk assessment based on the updated information to spot discrepancies or red flags
Define acceptable risk levels and escalate cases that require further scrutiny

Check for Compliance

Ensure the reverification process aligns with regulatory requirements, industry standards and internal compliance policies
Document the reverification steps for audit and reporting purposes

Preserve Records

Maintain records of reverification, including the date, updated information and any actions taken
Ensure compliance with data protection and privacy regulations when handling the records

Provide Feedback

Provide feedback to users when reverification is complete, confirm their information is updated and address any of their concerns

Continuously Improve

Periodically review and enhance reverification based on feedback, emerging threats or regulatory changes
Stay informed about advancements in identity verification technologies to adopt more robust, efficient methods

Mix + Match Identity Services for Optimal Reverification Performance

The right data, technology and techniques can help organizations efficiently reverify people and businesses. A full suite of reverification tools working together can accelerate the process while meeting customer expectations for speed and convenience.

When organizations combine those tools with global data sources and local expertise in regions around the world, they can wield the power of an identity platform to achieve peak match performance, drive expansion and mitigate risk.