KYC verification checklist
Purpose
This checklist governs the operational and regulatory verification activities required before a new policyholder may be onboarded or placed on risk.
🎯 Scope
Applies to every new policyholder, natural person or juristic entity, across all channels. Derived from the FICA obligations set out in the Customer Due Diligence Policy (see Policies and Standards).
🧭 Verification workflow
Client identity and supporting evidence submitted
Identity and sanctions screening completed
Potential exceptions or PEP matches escalated to Compliance
Outstanding or invalid documentation queried with client/intermediary
All verification evidence attached and checklist marked complete
📊 KYC operational overview
📊 KYC operational indicators
- Identity verification SLA: < 4 business hours
- PEP review turnaround: Same business day
- Outstanding documentation aging: < 10 working days
- Manual review rate: < 8%
🔄 Continuous improvement priorities
- Reduce repeat document submissions
- Improve sanctions screening match quality
- Increase straight-through verification rates
- Standardise intermediary evidence packaging
👤 Natural persons
Identity document verified (smart ID, ID book or passport)
Identity number validated against the identity verification service
Residential address evidence (< 3 months) on file
Sanctions and PEP screening completed, report attached
Source of funds noted where premium exceeds the threshold in the CDD Policy
🏢 Juristic entities
Registration documents verified against the companies registry
Registered and trading addresses evidenced
Beneficial owners identified down to the ownership threshold in the CDD Policy
Each beneficial owner screened (sanctions and PEP)
Authorised representative's identity verified and mandate confirmed
⚠️ Regulatory obligation
All sanctions and politically exposed person (PEP) matches must be escalated to Compliance immediately. Under no circumstances may onboarding proceed before clearance or rejection is formally recorded.
🛡 Outcomes and actions
Result | Action |
|---|---|
All checks pass | Record pass, proceed to policy creation |
PEP identified | Enhanced due diligence, Compliance approval before cover |
Sanctions hit | Stop. No cover. Escalate to Compliance same day. Do not tip off the client |
Documents outstanding | Pend max 10 working days, then decline as incomplete |
🧾 Records and evidence
Evidence for every checked item must be attached to the policy record before the checklist is marked complete.