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.
Through our Parties endpoint, our Tenants will add the details of their customers. The following checks must be undertaken during the customer journey :
To learn more about the specific information required, check out our guide.
When working with WealthKernel, our Tenants can choose between using WealthKernel’s integration for KYC checks or evidencing that they have completed the checks with the help of an external KYC provider or via their existing KYC integration.
WealthKernel is integrated with a downstream KYC provider, reducing the need for our Tenants to have multiple integrations and leveraging our existing relationships, and ultimately increasing speed to market.
Our API keeps you updated on the onboarding users and their checks via our webhooks service and the WealthKernel Dashboard. This can then be built into your workflows to speed up the user onboarding process.
To learn more about our customer onboarding process and information needed for KYC checks, check out these pages - Onboarding and Opening Requirements.
Tenants can also use our evidence-based KYC outsourcing, where they can complete identity checks and sanctions screening, as well as record the outcomes and supporting evidence on the API.
WealthKernel provides a system to record and store verification evidence without needing to duplicate or manage each individual check.
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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.
