What's the difference between VOI and KYC?
VOI confirms a person's identity (document plus biometric); KYC is broader and includes VOI plus PEP and sanctions screening, beneficial ownership, risk profile and source of funds.
VOI (Verification of Identity) confirms that the person is who they claim to be. It's the identity layer - matching documents to a person, typically with biometric live capture.
KYC (Know Your Customer) is broader - it includes VOI plus the AML-specific checks that build the firm's understanding of the customer:
- PEP and sanctions screening.
- Beneficial ownership for legal entities.
- Risk profile assessment.
- Source of funds where the risk calls for it.
- Documentation of expected business activity.
In Australian property transactions, VOI is the ARNECC term used for the identity layer required to meet title transfer requirements. KYC is the broader AML term encompassing VOI and the screening, beneficial ownership and risk steps on top.
Practical implication: if a customer asks "do I need a VOI or a KYC?" the answer is usually both. easyAML runs them as a single workflow - one verification, two regulatory frameworks satisfied.
For the customer-facing summary, see HubSpot KB: https://knowledge.easyaml.com/common-customer-due-diligence-questions
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