KYC and AML compliance products

Plaid offers Identity Verification for KYC (Know Your Customer) compliance and Monitor for AML (Anti Money Laundering) compliance. The two products are tightly integrated and managed through a single dashboard but can also be used separately.

Identity Verification is Plaid's KYC solution. Via an interactive session with the user, Identify Verification allows you to check user-provided identity information such as name, ID number, phone number, and address against high-trust identity databases; check identity documents for expiration, signs of fraud, or mismatch with other user-provided data; run selfie verification to confirm liveness and photo ID matching; verify a user's phone number via SMS; and analyze a user's session, behavior, and identity details for signs of fraud. Identity Verification can also be run as a fully background session without interactivity (for checking pre-collected user data against databases only). Identity Verification can plug directly into Monitor for automatic AML watchlist scanning.

Identity Verification is a separate product from Identity / Identity Match, but can integrate directly with Identity Match to reduce account takeover fraud risk when a user has linked a financial account to your application. Identity Match will verify that the ownership details (such as name, address, and phone number) on the linked account match the data verified via Identity Verification.

Monitor provides AML capabilities, screening users against PEP (Politically Exposed Person) and sanction lists. Monitor is frequently used with Identity Verification -- integrating Monitor into an existing Identity Verification deployment can be as simple as checking a box on your Identity Verification template -- but can also be deployed separately. Any watchlist hits will be exposed via both a user-friendly dashboard UI and via API, for use with either manual or automated review workflows.