KYC Process & Review
What different responses does the API return?
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 | Time Frame | Description |
|---|---|---|
| PASSED | ~60 seconds | If the customer passes the Government ID, Selfie Check, Database Verification, and AML Reports, the Identity Verification will be passed. |
| PASSED (after review) | ~1-2 business days | If the customer fails either the Database Verification or AML Reports the KYC will go into review. |
| FAILED | ~60 seconds | If the customer fails either the Government ID check or the Selfie Check their KYC will be 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 | Time Frame | Description |
|---|---|---|
| REVIEW | ~1-2 Business Days | All Business KYB's go into review |
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: 1 business Day
- KYC Reviews: 2 business Days
- KYB Reviews: 3-5 business Days
- Bank IDV Reviews: 2 Business Days
- Doc Request Review: 2 Business Days
- EDD Review for HNW: Best effort (will vary based on complexity of the case)
Updated about 2 months ago