Does an ARNECC VOI cover everything I need for KYC AML compliance?
No, ARNECC's VOI confirms identity only; AML/CTF requires additional PEP and sanctions screening, beneficial ownership identification, source of funds and ongoing monitoring.
ARNECC VOI (as used in PEXA Workspace) confirms the identity of a party to a property workspace - it's a verification of identity, not a complete KYC/CDD process. AML/CTF compliance requires additional checks that PEXA's VOI doesn't perform:
- PEP screening against domestic and foreign politically exposed persons lists.
- Sanctions screening against UN, DFAT, OFAC and other consolidated lists.
- Beneficial ownership identification for legal entities (PEXA verifies individuals, not the structures behind them).
- Source of funds documentation for higher-risk transactions.
- Risk scoring and ongoing monitoring against the firm's Risk Assessment.
Both PEXA's VOI and a full AML CDD are valuable - they serve different regulatory frameworks (ARNECC and AML/CTF respectively). easyAML KYC meets both standard so the same identity verification satisfies both, with the additional AML-only checks added in a single workflow.
For the customer-facing summary, see HubSpot KB: https://knowledge.easyaml.com/common-customer-due-diligence-questions
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