Know Your Customer (KYC)
KYC is used to cross check an individual’s first name, last name, social security number, date of birth, and address against a number of United States databases to verify the person’s identity. This automatic KYC check through this third party service will fail against any persons who are not U.S. citizens. In order to manually approve a foreign person’s KYC status, a government issued photo ID will need to be collected from the person to verify their identity.
Anti Money Laundering (AML)
AML is used to cross check an individual’s name against a number of global watch lists (listed below) to verify that the person isn’t a wanted person. This check will work for both U.S. persons and non-U.S. persons. If an individual fails this check, this means that this person’s name was at least a 90% match with a name on a watch list. It is extremely rare that the individual who fails this check is actually the person on the list but even so, a government issued photo ID needs to be collected to verify.
How many questions does the user have to answer correctly in order to automatically pass the KYC check?
The user must answer three of the five generated questions correctly in order to automatically pass KYC.
Is there a maximum number of times that I can run KYC/AML checks on the same Party?
Yes. You may only run KYC/AML checks on the same party three times within a 24 hour period.
How can I test KYC/AML in the sandbox environment?
How can I test KYC/AML in the live environment?
You can test KYC/AML in the live environment by using the information in the following document: