Our integrated client onboarding service allows you to digitally onboard your clients using our cost-effective infrastructure that identifies and verifies your customers in line with regulation.
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.
WealthKernel is integrated with downstream KYC providers, reducing the need for our Tenants to have multiple integrations and leveraging our existing relationships.
Incorporating this into our API, our Tenants can be notified about the KYC status through multiple touchpoints, allowing them to build a seamless experience in the front end.
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:
Identity checks
Adverse media
Legal and regulatory warnings
PEPs (Politically Exposed Persons)
Sanctions
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.
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Our API lets you stay updated on the status of your onboarding users via our webhooks service, and also via the WealthKernel Dashboard.
We conduct our own due diligence and perform risk assessments on our Tenants with our robust compliance framework.
Tenants have a responsibility to ensure their customers have been identified in line with money laundering regulations. Tenants will be able to override Amber checks and must provide detailed information on why the checks are being overridden.
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