Definition
Identity verification is the process of collecting and evaluating evidence to establish that an applicant is the person associated with a claimed identity.
In market context
A financial platform may compare personal information, identity documents, liveness checks, databases, and account behavior using a risk-based process. Verification can remain pending or require additional evidence when information is incomplete, expired, inconsistent, or potentially fraudulent. It supports customer due diligence and account security but does not prove that every later action is authorized, so authentication and ongoing monitoring remain necessary.
Source
Use the primary source for fuller regulatory or market context.
