What is an Identity Verification API?

Compliance risk management (CRM) is the ongoing process of identifying, assessing, and mitigating potential risks that threaten an organization’s business.

Customer due diligence (CDD) is a process used at financial institutions (FIs) when working with potential new customers.

The Customer Identification Program (CIP), part of the Know Your Customer program guidelines, requires that financial institutions in the U.S. verify that customers (both individuals and businesses) are who they say they are when they open new accounts for themselves or other people.

FinCEN, short for Financial Crimes Enforcement Network, is a government bureau that aims to prevent money laundering and other financial crimes—and punish bad actors that commit them.

Know Your Business (KYB) is a set of verification procedures that helps companies avoid getting into business with criminals.

The Office of the Comptroller of the Currency (OCC) is a federal agency that "charters, regulates, and supervises" all national banks.

According to the Department of Labor (DOL), Personal Identifiable Information (PII) is any information from which a person’s identity can be either directly or indirectly inferred.

A Politically Exposed Person (PEP) is someone that might be more likely to break the law or be corrupt because of the power their position affords them.

Specially Designated Nationals (SDN) are individuals and entities tied to countries that the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has hit with sanctions.

A Suspicious Activity Report (SAR) is a report that a bank or other financial institution must file if it suspects that a customer might be breaking the law and committing fraud, financing terrorism, or laundering money.

Anti-money laundering (or AML) compliance entails a careful adherence to rules and regulations aimed at combating illicit financial activities.

Know Your Customer or Know Your Client (KYC) is a set of guidelines for verifying the identity of a customer and gauging the associated risk of working with them.

The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency under the jurisdiction of the US Treasury Department.

PCI DSS certification means your business has met the requirements laid out in the Payment Card Industry Data Security Standard (PCI DSS) to secure payment card data.

Service Organization Control 2 (SOC 2) is a voluntary auditing procedure that service providers complete to keep their clients’ data secure from cyber attacks.

Section 314(a) is part of the USA Patriot Act that enables financial institutions (FIs) and law enforcement to work together to fight money laundering and terrorist activity.

Section 314(b) and Section 314(a) of the USA Patriot Act both relate to information requests under the Banking Secrecy Act (BSA).

A currency transaction report (CTR) is a report made by U.S. financial institutions aiming to prevent money laundering.

An Agent of the Payee is a person, entity, or other intermediary specifically appointed by a payee to process and collect payments on their behalf.

Identity Verification APIs allow businesses to streamline the process of checking the identities of new users by automatically, and in some cases instantly, verifying their provided identifying information.

The Bank Secrecy Act (BSA)—also known as the Currency and Foreign Transactions Reporting Act—is a piece of legislation designed to help prevent fraud.

The Electronic Fund Transfer Act (EFTA) is a federal law in the U.S. that regulates electronic transactions to protect consumers.