Customer identification involves:

• the collection of KYC information from the customer that will allow you to identify that customer
• the verification of this information in documented or electronic form by reliable and independent means.

The minimum required information and the means of verification will depend upon the type of customer being identified.

Chapter 4 of the AML/CTF Rules specifies the collection of the minimum KYC information for each of the different types of customers and the means for verifying this information. In addition, it is the responsibility of the reporting entity to include in Part B of its AML/CTF program such controls that will allow it to realise when a discrepancy exists in the verification of information and to respond to the discrepancy; that is, be able to make a judgement that the customer exists and information about specific key individuals has been provided.

Customer identification process review worksheet (pdf 29kb)

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