The full form of IPV stands for In-Person Verification.
Understanding In-Person Verification (IPV)
In-Person Verification (IPV) is a crucial process used to confirm the identity of an individual and the authenticity of documents they've submitted. This ensures that the person opening an account is genuinely who they claim to be, and the documents presented are legitimate.
As mentioned in the provided reference regarding brokerage accounts, regulations often mandate IPV. Brokers, for example, may conduct a video In-Person Verification to fulfill this requirement.
Key aspects of IPV:
- Identity Confirmation: IPV primarily serves to confirm that the person opening the account matches the identification provided.
- Document Authentication: It also verifies the authenticity of the documents submitted during the account opening process.
- Regulatory Compliance: Many industries, especially those dealing with financial transactions, are required by regulations to perform IPV.
Example: IPV in Brokerage Accounts
According to the provided reference, brokers like Zerodha utilize video In-Person Verification to complete the IPV process. A link is provided to facilitate this verification: signup.zerodha.com/ipv.