Bringing Your Clients Onboard In A Fully Compliant Way
KYC (Know Your Customer) is designed to protect you and your customers against fraud, money laundering, and terrorist financing. Money laundering regulations require financial institutions to understand who their customers and clients are by verifying their identity. Effective KYC is the backbone of any successful compliance and risk management process.
A Smooth User Onboarding Process
Through our Parties endpoint, our Tenants will add the details of their customers. To learn more about the specific information required, check out our guide. When the user opens an account, WealthKernel will take the information stored against the Party and check it with our downstream KYC partner.
We can conduct the following checks:
If you choose an external KYC provider, you will be required to ensure that these checks are undertaken for the safety and comfort of both companies.
The checks will return as:
Green = The account has passed all checks (KYC) and is now available for use.
Amber = The account has failed one or more checks and the Tenant will need to request additional information from them to override the check.
Our API lets you stay updated on the status of your onboarding users via our webhooks service, and also via the WealthKernel Dashboard.