Why do Property Tax Verification?
Businesses need to validate the proof of identity for every interaction with an individual. Therefore, every financial transaction needs to be validated before trusting an individual, particularly when increased government and industry regulations (such as AML, KYC, and SOX) aims to place the responsibility on businesses to carry out identity authentication and make sure that their customers aren’t fraudsters or identity thieves.
Every property has an associated unique ID provided by the municipality of the respective constituency. Property tax verification can help authenticate identity to prevent identity frauds.
Property Tax verification acts as a reliable proof of a person’s identity, residential address and a measure of financial responsibility. Antecedents validated during Property tax verification include:
- Name of the property owner
- Address of the property
- Property tax paid
- Property tax due
- Other information (Viz. Property Area, Floor etc.)