In anti-money, laundering, what is the procedure for identity verification for personal acquaintances

Procedures for identity verification for personal acquaintances may vary depending on factors such as the jurisdiction, industry, and the level of risk associated with the individual and the transaction.

Here are some general procedures that may be followed:

1. Collection of Information: Obtain basic information about the individual, such as full name, date of birth, residential address, and contact details.

2. Documentation: Request official documentation that supports the provided information. This typically includes government-issued photo identification such as a driver's license or passport. In some cases, additional documents like utility bills or bank statements may be required to verify the individual's address.

3. Verification Process: Conduct a verification process to ensure the authenticity of the provided documentation. This may involve cross-referencing the information with trusted databases or third-party verification services.

4. In-Person Verification (if possible): If feasible, conduct in-person verification of the individual's identity. This could involve meeting them face-to-face and comparing their physical appearance to the photo on their identification document.

5. Risk Assessment: Evaluate the level of risk associated with the individual based on factors such as their relationship to the account holder, transaction history, and any red flags that may arise during the verification process.

6. Ongoing Monitoring: Implement measures for ongoing monitoring of the individual's activities to detect any suspicious behavior or transactions that may indicate money laundering or other illicit activities.

7. Compliance with Regulations: Ensure that the identity verification process complies with relevant regulations and industry standards, such as those outlined by regulatory bodies like the Financial Action Task Force (FATF) or local AML authorities.