IDsmart is an in-built tool to identify client's identity remotely. Its purpose is to reduce the risk of identity fraud and to secure broker's business continuity.
Introduction
IDsmart collects client personal information, records their face and stores their data in the CRM. IDsmart uses technology provided by an Australian company OCR Labs and it utilises searches through government Document Verification Service (DVS). It is important that IDsmart is used after the Privacy Disclosure is presented to the client and only for business - finance related use.
Finance Brokers have AML/CTF obligations. Some are legal requirements, other are requirements imposed by lenders. Check with your aggregators/industry bodies what are your specific requirements. Our other feature, DigitalKYC deals with AML/CTF obligations.
ARNECC is a national conveyancing body and it dictates identification requirements for mortgage settlements in Australia. Currently, ARNECC's Model Participation Rules stipulate compulsory face to face identification. Mortgage brokers don't have any direct ARNECC obligations (only conveyancers and lenders have), however lenders often outsource some of their obligations to mortgage brokers.
Lenders have own risk procedures and will often dictate own procedures to their introducers. Technically, each lender can have own Verification of Identity (VOI) policy, i.e. there is no national verification standard.
As the identification needs to occur at early stages, brokers require a platform that will reduce the risk of dealing with fraudulent clients. That platform cannot be lender's own solution as the lender is introduced later in the process.
Activate IDsmart
Go to Settings (1) >> Billing (2), and set the organisation-wide subscription for IDsmart (3):
Go to Settings >> 3rd Party Apps (4) and turn on IDsmart for your organisation (5). Modify text of the SMS sent using space in the dialog provided (6).
Please note that ID#1 and ID#5 fields cannot be empty for organization Professional Licenses Details (Settings > Details page).
ID#1 is to carry the ACL number.
ID#5 is to carry the company ABN, company website address or serve as a spare field. If used as a spare, please don't leave it empty, you can write in "Spare" if nothing else is applicable, to make sure IDsmart integration is activated.
Using IDsmart
IDsmart can be completed by clients using their own smart phones. Users can send an invite to the individual clients from the Deal View by clicking on the IDsmart icon (7):
Clients will receive an SMS message from the deal owner with the link to IDsmart. See this video for the demo of the process:
Once sent to the client, link will be valid for 24 hours for the client to complete the verification process. Until client finishes idSmart, user can send multiple invites to the same client, each next invite should be sent after 24 hours from sending the last invite.
If verification has been completed, the icon will remain disabled for another 30 days.
Note that IDsmart icon will turn green when an invite is sent (8):
Once verification is completed, a note and PDF document are saved in deal view:
The attached PDF report has all the relevant check details:
In addition, client profile has the status report displayed:
