Know your Customer processing
KYC process for Verified accounts
KYC records are processed by the card issuer if card issue is requested (blue line marked in the workflow illustration below) and may also be processed by a manager irrespective of card issue request status (red line in the illustration below).
KYC workflow

Adding a manager for an account

Every user account must have a manager to process its KYC documents. In case of an organization to whom KYC processing is delegated to by Verified AG such as a regulated financial intermediary, it can set itself as a manager for a user account using the setManager function. In case, no delegated organization exists, Verified AG itself will perform the function of a manager.

Submitting KYC documents

Users must submit their KYC documents for operating their Verified accounts. An approved KYC status is checked before custody accounts can be assigned to a Verified account. Users are also not considered registered unless KYC is approved. KYC documents are to be stored by user facing applications on a storage medium that can be accessed by managers using a URL. A user facing application can submit the KYC document URLs using the updateKycRecord function.
In addition to submitting KYC documents for the Verified account, KYC documents need to be uploaded for approval by a card issuer if the user or a user facing application has requested card issue. KYC documents can be uploaded using the uploadKyc function only after the user record is added for issue of card using the addCustomer function, and only when the getCustomerDetails function returns IN_PROCESS in the response.

KYC approval status

A user facing application can check KYC approval status for issue of card using the getComplianceStatus function. Besides approval and rejection, this function may request for more information which need to be submitted by the user using the uploadRfiDocs function.
The user's account manager can independently approve KYC for the Verified account operation using the setKycStatus function. KYC status can be obtained for a client by its account manager using the getKycStatus function. Once KYC is approved by the account manager, the user facing application should log every account sign in and sign out activity using the setAccess function. A user's last sign in and sign out timestamps can be retrieved by its account manager using the getAccess function.
Last modified 9mo ago