Major amends broker policy

by Madison Utley21 Apr 2020

A major bank has amended its broker policy for consumer lending to better adapt its processes to the current COVID-19 environment.

NAB has announced changes to its Know Your Customer (KYC), Verification of Identity (VOI) and interview requirements. From Thursday, 23 April onward, the group will require brokers to use the IDyou app, developed and powered by MSA National, for the remote sighting, collection and verification of identity documents. 

Brokers have been instructed they must use the app until further advised.

In addition to using IDyou, the bank requires brokers to interview customers via video calls to sight them with their original documentation. 

It is then necessary for brokers to include a record of the video interview process in the summary tab in ApplyOnline, as NAB has made it clear it may request this information later if not provided in the submitted notes.

Otherwise, brokers are expected to undergo the ApplyOnline application process as usual, such as through using the Document Verification Service (DVS). If DVS is unsuccessful, they are still responsible for making enquiries to satisfy the discrepancy, whether through asking further questions or obtaining more documentation. 

Additionally, the requirement to include the Customer Identity Check (CIC) form remains.

The bank has clarified this change is a “temporary measure”, but did not provide further insight into how the processes will be adapted upon the termination of the government's social distancing guidelines. 

NAB has assured brokers that by following the amended process through IDyou, they will be in compliance with all relevant requirements.