A common KYC standard
for funds and asset managers
Funds, administrators and advisers repeatedly collect much of the same KYC information in different forms, different orders and different terminology.
PROOF provides a common format for collecting, evidencing and certifying that information.
Why PROOF?
KYC is governed by a mix of legal requirements, regulatory expectations, contractual obligations and industry practice.
But none of that has produced a widely accepted standard for how the underlying KYC record should be collected and documented.
Every fund, administrator and adviser ends up maintaining its own version of essentially the same process.
PROOF creates a common starting point.The format is standard.The compliance decision remains yours.
How PROOF works
- 01
Choose the form
There are two core forms.
PROOF One-Time
For KYC that is completed once for a specific investment, closing, transfer or transaction.
PROOF Ongoing
For a continuing relationship that requires future review or monitoring.
If any relevant party is an entity or trust, an additional PROOF Entity form must also be completed.
- 02
Build the record
Each PROOF form creates a complete KYC record covering the parties, ownership and control, source of funds, screening, supporting evidence and certification.
- 03
Certify and share
The completed record is certified and delivered to the intended recipient.
Four principles
A common framework
You provide facts and evidence. You do not draft clauses or negotiate wording.
Standardised
The same core structure is used each time instead of rebuilding the process for every onboarding or transaction.
Free and open
Anyone can use or implement PROOF. There is no licence fee and no requirement to use VeriKYC.
No redlines
A standard only works if it remains standard. Additional diligence can always be requested. The underlying PROOF certification is not rewritten to suit each recipient.
What PROOF does
PROOF standardises the structure of the KYC record:
- Who is being assessed
- Ownership and control
- Origin of funds
- Screening
- Evidence considered
- Conclusions recorded
- Certification
What PROOF doesn't do
PROOF does not:
- Decide whether a party should be accepted
- Replace a fund's AML or compliance policy
- Determine the appropriate level of enhanced diligence
- Make an underlying fact true simply because it appears on a form
- Transfer sanctions or regulatory liability
- Replace legal advice
Download the PROOF form
PROOF Entity
An additional form required for each relevant entity or trust. It records ownership and control and is used with either core form.
PROOF is not legal advice and does not replace professional judgment.