KYC Process & Review

Also see the IdentityVerifications endpoint: https://docs.cybrid.xyz/reference/createidentityverification

For Individuals (KYC)

Information Collected

Individuals, and beneficial owners of businesses, will go through a KYC process to verify their identity.

The KYC process includes, but may not be limited to, the following:

Government issued identification
Selfie check that must match photo ID on government identification
Database Verification (validates PII against voter, telco, utility or credit databases)
AML Screening, including
- PEP / HIO report
- Watchlist / Sanctions report
- Adverse Media Report

States to understand

Identity Verification State	Description
storing	The identity verification is being created in our system.
waiting	The identity verification has a Persona Inquiry that has not yet been started by the customer.
pending	The identity verification has a Persona Inquiry that has been started by the customer but has not yet been completed by them (i.e. they have entered information but not finished the process yet).
reviewing	The identity verification has been pulled into review and is now with our Compliance team. If the customer fails either the Database Verification or AML Reports the KYC will go into review.
expired	The identity verification was not completed by the customer in time; another identity verification can be created.
completed	The identity verification has been completed and has an outcome of `passed` or `failed`.

API Return Codes

The following Government ID and Selfie failures will cause the customer to be rejected. If a customer is rejected, and would like to attempt KYC again, you will need to contact support to update the customer's state to unverified.

Government ID Failures

Error	When this error could occur
id_check_failure	The document failed verification analysis. This could occur for a number of reasons including blurry photos, obscured data, missing data, or other compliance check failures.
duplicate_person_check_failure	The customer has already signed up for the service via your application.
id_quality_check_failure	The image of the document is too blurry to extract information or properly perform face recognition.
id_barcode_check_failure	The barcode on the back of the document could not be properly read.
id_expiration_check_failure	The ID is expired.
id_double_side_check_failure	The ID is double sided, but only one side of the ID was provided.
id_type_allowed_check_failure	The document is not a supported document. Supported documents include Drivers License, National ID, Passport, Passport Card, Permanent Resident Card, Visa or Work Permit.
id_country_allowed_check_failure	If the document is not from a supported country (for example, US customers must use a US form of ID).

Selfie Failures

Error	When this error could occur
selfie_check_failure	If the selfie images are too blurry, not the correct facial angles, too light, too dark, or cannot be matched to the photo on the provided government ID.

The following Database and AML Report failures will go into a manual compliance review, and the compliance team will make a determination to approve or reject the customer KYC.

Database Verification Failures

Error	When this error could occur
database_check_failure	A match for the customers name, address, date of birth, or SSN cannot be found in any of the government databases. Databases searched include Telco, Credit, Voter and Utility database.

AML Report Failures

Error	When this error could occur
pep_check_failure	If the individual is a known Politically Exposed Person (PEP) they may show up on this AML report.
media_check_failure	If the individual shows up on Adverse Media they may show up on this AML report.
watchlist_check_failure	If the individual is on a known government or international watchlist or sanctions list, they may show up on this report.

Additional Documentation Request for KYC

As part of compliance review, the compliance team may request additional documents to verify a customer.

Type of Document Requested	When do we request this document
Bank Statement from last 90 days	If an issue occurs with validating the Date of Birth (DoB) during KYC (or if a utility or telephone bill cannot be supplied fro address issues).
Utility or Telephone Bill	If an issue occurs with validating the address during KYC. This includes address verification failures related to Government ID checks or Database Verification checks.

For Businesses (KYB)

Information Collected

Businesses, will go through a KYB process to verify their identity, and each beneficial owner will need to KYC.

The KYB process includes, but may not be limited to, the following:

Name of Business and Doing Busines As (DBA)
EIN Number
Address
Phone Number
Website
Database Verification
- Validates name, EIN, address
KYC of Beneficial owners with 25% or more of the business
- All beneficial owners subject to standard KYC checks
AML screening of business
- Watchlist / sanctions report
- Adverse Media Report

States to understand

Identity Verification State	Description
storing	The identity verification is being created in our system.
waiting	The identity verification has a Persona Inquiry that has not yet been started by the customer.
pending	The identity verification has a Persona Inquiry that has been started by the customer but has not yet been completed by them (i.e. they have entered information but not finished the process yet).
reviewing	The identity verification has been pulled into review and is now with our Compliance team. If the customer fails either the Database Verification or AML Reports the KYC will go into review.
expired	The identity verification was not completed by the customer in time; another identity verification can be created.
completed	The identity verification has been completed and has an outcome of `passed` or `failed`.

API Return Codes

AML Report Failures

media_check_failure
watchlist_check_failure

Tax Identification Failures (EIN)

database_check_failure

Compliance Review Targets

Below are the targets that our Compliance team targets:

Wallet Review: 2 business Days
KYC Reviews: 2 business Days
KYB Reviews: 3-5 business Days
Bank IDV Reviews: 2 Business Days
Doc Request Review: 2 Business Days
Enhanced Due Diligence Review: Best effort (will vary based on complexity of the case)