Verification table is located in broker Tools under Compliance tab. It's purpose is to record how client and deal items were verified. In a way it is a summary of diary entries related to the verification of clients.
This table can assist in any future fraud, responsible lending and best interest duty enquiries.
Table has eight (8) components:
Verification of Identity (VOI/KYC). This one can appear multiple times if more than one client is in a deal.
Interview details. Who, where and how conducted client interview.
Anti Money Laundering (AML) checks. Under AML3 brokers have some obligations in checking client background. Best to discuss with your compliance team.
Credit checks. Was there a credit check provided? E.g. Equifax.
Property searches. Was there a property search done via Pricefinder or RP Data?
Employment verification. How was employment verified. Select by clicking on checkboxes in a dropdown.
Income verification. How was income verified (e.g. bankstatements.com.au, CashDeck, Relie).
Living expense verification. Method of expense verification (e.g. bankstatements.com.au, CashDeck, Relie).
The Process
Select options from a dropdown where available. Examples:
Write free text where asked:
Select or add new address
Add Date of verification
Automated checks
Where automated checks are provided (integrated in the platform), system will automatically record that check being completed. Examples: Equifax, RP Data, bankstatements.com.au.
Merge table
Verification table can be merged into a compliance documents by using a table: {@brokerToolsTablesVerificationsCompleted}
