Each reporting entity under the AML legislation must lodge their annual AML/CFT report with their Supervisor any time between the 1st of July to the 31st of August, for...
Learn how RealMe® identity verification makes customer onboarding quick.
Verifying your customer’s identity is a process. Sometimes it’s simple. Often, it’s not. But we can all agree we want it to be quick.
When a customer comes to you, they have a problem that they want sorted now, whether it’s selling a house, settling an estate, or setting up some investments. But first they must prove their identity, which means they need the right documents. Did they bring them with? Are they the right ones? Are they current? Often the answer is no.
And every time your customer visits a lawyer, accountant, real estate agent, or requests financial services, they have to jump through these same hoops, extending the time it takes to solve their problems, and increasing the time it takes for you to push business through to completion.
This is one of the biggest pain points for New Zealand customers and businesses. It is also what makes electronic identity verification through RealMe® so great.
Finally, a secure, robust central repository for Kiwis’ identities that you can use to verify and onboard customers.
What is electronic identity verification (eIV)?
Under the Amended Identity Verification Code of Practice 2013, electronic identity verification is “...where a customer’s identity is verified remotely or non-face-to-face.”1 Instead of meeting someone in person, eIV allows you to verify your customer using technology to check their documents, create a link between the person and their documents, and also completing a liveness test.
According to the Supervisors of the AML/CFT Act, you can use a single independent electronic source to verify a person’s identity if it can be done with a high level of confidence, and if it also incorporates biometric information.
Which is the best eIV service to use?
The only single independent source that meets all the New Zealand government’s strict requirements is RealMe® identity verification. It’s the only digital ID service that allows Kiwis to prove their identity online, fast, while knowing their information won’t be shared beyond the intended recipient without consent and will only be used for the purpose it was intended.
RealMe identity verification is the government gold-standard.
While other providers require biometric checks every time proof of identity is requested, including sighted proof of things like passports or driver licenses, RealMe® only needs a biometric check once upon sign-up. All subsequent identity checks with RealMe® are as simple as sending an email request to your customer, them logging in, and consenting to share their RealMe®-verified identity information.
RealMe® is considered the gold standard and is used by many institutions throughout the country including universities, banks, and in voting. Over 900,000 Kiwis are RealMe® verified as of today. And best of all, it’s simple to use and is free for individuals to sign up.
Why do I need electronic identity verification, like RealMe®?
There are many reasons why RealMe® is better than using hard copy documents.
- Privacy: nobody wants their highly sensitive information scattered throughout accountant’s filing cabinets, lawyers’ folders, or real estate agent’s desk drawers. eIV keeps it in one central, government-approved location online.
- Security: keeping customer documents safe from unlawful access is easier if it’s through a secure, government-approved eIV provider. This will give both you and your customers peace of mind.
- Convenience: distance and forgotten or lost documents are no barrier to identity verification when doing it online. The convenience of online identity verification will help you keep up the momentum on your cases while saving you a lot of time.
How do my customers register for RealMe® identity verification?
To use the RealMe® service your customer needs to be RealMe® verified. This is one step further than simply having a RealMe® login. But don’t worry—it takes just minutes for someone to apply for a RealMe® verified online identity.
In the past applicants had to go to a New Zealand Post or AA store to complete the process. But all that changed in 2019 with the advancement of biometric technology. Now the entire RealMe® application process can be completed online using ‘liveness’ and biometric technology.
How can I use RealMe® identity verification in my business?
If your business needs to gather customer proof of identity, you can easily access RealMe® through one of its integrated partners, like the AMLHUB. The AMLHUB is specially designed to make customer onboarding and identity verification as quick and simple as possible, with built-in RealMe® integration.
Using AMLHUB, you can create deals, matters, or cases and assign them to your customer. Then, with the click of a button, invite them to verify their identity through RealMe®. No photocopies, papers, filing, or back-and-forth. Just quick and easy ID verification.
Find out how you can onboard customers quickly using RealMe® and AMLHUB.
 Explanatory Note: Electronic Identity Verification Guideline. RBNZ, 2013. P2. Accessed from https://www.rbnz.govt.nz/-/media/ReserveBank/Files/regulation-and-supervision/anti-money-laundering/guidance-and-publications/Updated-Explanatory-Note-AIVCOP.pdf