ID Level Plus

For businesses that either have stronger regulatory requirements (e.g. CASPs, PSPs, financial institutions) or seek to implement strict verification and screening processes with the aim to ensure the best practices when managing financial crime risk, the ID Level Plus can be the ideal solution as it’s Fractal ID’s widest-spanning KYC verification and initial AML screening, which, further combined with needed add-ons (e.g wallet AML, adverse media) provides a comprehensive risk-based assessment.

Fractal ID Level Plus screening allows clients to know who the onboarding customer is and provides an initial understanding of their profile. By collecting and verifying personal information, such as name, date of birth, address, identification documents, and attesting the user’s uniqueness (liveness check), ID Plus helps ensure that customers are who they claim to be.

Once the onboarding user is fully identified and proof of address is provided, clients will be able to begin determining the feasibility of the relationship by verifying where the user is based, should the client opt for our high-risk jurisdiction screening process (which can be customized according to the client’s needs).

Moving forward, the onboarding user’s name and date of birth are checked against sanctions lists (e.g. EU, OFAC) and politically exposed persons (PEP) databases. In the event of resulting matches, operators will manually verify to avoid any false positives, and should further verifications are needed, the case will be escalated to the Legal & Compliance team.

Clients shall also have access to complementary (add-on) features to increase screening coverage according to regulatory and/or risk management preferences. Should the client have enhanced due diligence demands for specific customers and/or jurisdictions, the source of wealth add-on provides a deeper level of screening fit to understand onboarding users’ origins of funds and assets.

If deeper AML checks are necessary, the adverse media screening tool may be a fit for the purpose as it scours through the open-source web for news and mentions that could indicate financial crime risks. In another case, should the client opt for the wallet collection add-on, and also seek to ensure that the involved wallet addresses do not present financial crime risks, the wallet AML check is the go-to option to better understand what addresses and entities that specific wallet interacted with.

Last but not least, in cases that involve dealing with other businesses, ID Level Plus offers the Institutional Onboarding add-on, our legal entity, and beneficial ownership screening feature.