This guide will assist you in using the bronID identity verification portal for identity verification and risk assessment services to determine, with reasonable satisfaction, that the target Sole Trader is who they claim to be for the purpose of AML/CTF compliance.
Step 1: Collection
During the initial customer onboarding process collect the following KYC information about a customer who is a Sole Trader:
- The full name of the customer
- The customer's date of birth
- The full business name under which the customer carries on his or her business,
- The full address of the customer's principal place of business or the customer's residential address
- The company number
- The country in which the sole trader is located
Step 2: Verification
The bronID verification portal uses the individual KYC electronic-based safe harbour procedure where the ML/TF risk is medium or lower, to verify, at a minimum, the following KYC information about the customer:
In the case of a Sole Trader, bronID follows the Verify an Individual Guide.
Confirm that the ultimate beneficial owner of the Sole Trader is the verified individual.
Step 3: Interpreting your Results
With bronID, a Partnership is Verified when;
- The partnership exists
- The partnership’s name, address and the number is matched with at least one reliable database,
- The partners are identified by querying at least one reliable database or with a partnership agreement;
- The partners who are natural persons are identified and verified as the ultimate beneficial owners as per the procedure for verifying individuals.
When all of the numbered steps are completed the organisation will achieve a "Verified" status.
When 1. and 2. return negative results, then the verification status will be set to “Not Verified”.
When 3. to 5. cannot be completed, then the verification status will be set to “Info”.
- See Entity Verification Status Guide for guidance on responding to these statuses and how to achieve a verified result.
Step 4: Keeping Records
Upon carrying out the identity verification procedure, a record of the procedure and the identifying information produced to perform the verification is stored in the bronID portal, specifically the Results menu.
We advise that these records also be stored in your own backup storage. Both the procedure data and identifying information are to be stored for the duration of the relationship with that customer, as well as for an additional seven years after the provision of any designated service ceases.
Step 5: Provision of Service
Only once you have verified that an entity customer who is a sole trader is who they claim to be by following the steps outlined and verified the ultimate beneficial owners, should you provide the designated service.
For more information on performing and understanding individual verifications within the bronID portal: