KYC

The Know Your Client (KYC) procedure is a part of the onboarding process and can be executed Manually or Automatically (via Integration with a third Party Provider). 

The KYC functionality can be performed by the Service User with appropriate permissions. By default, such permissions are applied to the roles of Scam -prevention team. 

The SDK.finance back office provides a complete set of functionality to cover the basic KYC process, which includes document verification, profile verification, reset of users’ KYC status etc. Check the backoffice description here. 

For an Automated KYC process SDK.finance can offer an integration with Sum-Sub,  Comply Advantage or Open Sanctions. 

If it is required to skip the KYC process, for example, if it is done outside the system, it should be configured on the instance in the application.yaml:
compliance:
  useThirdPartyVerificationService: false
If useThirdPartyVerificationService is set as false, the user will be created with the status approved.

The person type for creation will be taken from the newPersonType in the settings:
compliance:
  approval:
  - organizationType: 'individual'
  newPersonType: 'standard'
  - organizationType: 'merchant'
  newPersonType: 'standard'

By default the approval of Client’s identification status leads to change of the person type from base to standard.