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LAW SOCIETY OF BRITISH COLUMBIA PRACTICE CHECKLISTS MANUAL CLIENT IDENTIFICATION AND VERIFICATION PROCEDURE CLIENT IDENTIFICATION AND VERIFICATION CHECKLIST New developments: Client identification

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What is client identification and verification?

Client identification and verification is the process of obtaining and verifying the identity of a client or customer to ensure compliance with legal and regulatory requirements. It involves collecting and validating various forms of identification and other information to establish the identity of the client.

Who is required to file client identification and verification?

Financial institutions and organizations that are subject to anti-money laundering (AML) and Know Your Customer (KYC) regulations are required to file client identification and verification. This includes banks, credit unions, brokerages, money service businesses, and other similar entities.

How to fill out client identification and verification?

When filling out client identification and verification, financial institutions typically request clients to provide necessary identification documents such as passports, driver's licenses, or government-issued IDs. The institution will also collect and verify additional information such as address, date of birth, and employment details. The specific process may vary depending on the institution and regulatory requirements.

What is the purpose of client identification and verification?

The purpose of client identification and verification is to prevent money laundering, terrorist financing, and other financial crimes. By verifying the identity of clients, financial institutions can mitigate potential risks and comply with legal and regulatory obligations.

What information must be reported on client identification and verification?

Client identification and verification typically require the collection and reporting of various information such as full name, date of birth, residential address, contact details, identification document details (e.g., passport number or driver's license number), and sometimes additional information related to the client's financial situation or source of funds.

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