In March, the U.S Bureau of Consular Affairs significantly reduced passport operations, only processing cases involving life or death emergencies to prevent the spread of Covid-19.
Last week, it announced it would be resuming operations in phases, but even if no new applications are made, it is going to take months to clear the 1.5 million backlog. And it is not just passports – the pandemic has also caused huge delays in reissuing other forms of ID, with around 500,000 expired driver’s licenses and IDs in Texas alone.
The result is that U.S firms that are required to verify the identity of their customers are going to struggle to complete the necessary checks to onboard new customers - or conduct transactions on behalf of existing ones – if their ID is not valid.
And it is issues like this that highlight the huge benefits of using remote, electronic verification where physical documents are not needed.
Our Electronic Verification platform offers an all-in-one KYC and AML solution, with ongoing monitoring. All you need to do is enter the customer's name, address, date of birth, and social security number and our system is able to complete a full and comprehensive AML check, including screening against global Sanction and PEP lists. And thanks to the nature of the system, it can all be done remotely, from any device, any time.
So, not only does this type of verification offer the only real solution to the current problems around expired IDs but because there is no need for face-to-face contact, it also means firms are able to continue verifying customers while social distancing rules are still in place.
The huge benefit is that Electronic Verification is not only quicker, easier and cheaper than manual checks, but it offers the most robust and reliable KYC solution on the market.