Navigating FinCEN BOIR Compliance: IAL/AAL Identity Proofing Levels
Blog post from Didit
The Financial Crimes Enforcement Network's (FinCEN) Beneficial Ownership Information Reporting (BOIR) rule, part of the Corporate Transparency Act, requires companies in the U.S. to report information about their beneficial owners to enhance corporate transparency and combat money laundering. This regulation emphasizes the need for accurate identity proofing, guided by NIST SP 800-63-3 guidelines, which outline Identity Assurance Levels (IAL) and Authentication Assurance Levels (AAL) to ensure the credibility of identity verification processes. Didit, an AI-native platform, offers tools such as ID Verification, Passive & Active Liveness detection, and AML Screening to assist businesses in meeting these requirements efficiently. The platform supports IAL2 or IAL3 levels, which involve rigorous identity verification processes, including biometric validation and document authentication, to prevent fraud and maintain compliance. Didit's modular approach allows businesses to customize their verification workflows and adapt to evolving fraud threats, ensuring a balance between security and user experience while providing comprehensive compliance-ready reporting.
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