eIDV, or Electronic Identity Verification, is an online process designed to confirm a customer’s identity by using various methods, such as biometric verification and database verification. Often, companies use personal detail records and verify the user by comparing their information with official government databases. In general, eIDV uses personal data, including the name, date of birth, address and other information, showing a match, no match, or partial match to the user’s identity.
The eIDV process is one of the key elements in Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, which is required for regulated entities based on the three main components: Customer Identification Program (CIP), Customer Due Diligence (CDD), and ongoing monitoring. eIDV, or identity verification, is part of the CIP process, which aims to confirm the identity of a client before starting a business relationship with them to ensure that they don’t pose any risks to your organization.