For improved timing and transparency, DriveWealth offers API endpoints and Events that enable a Partner to identify the real-time KYC status of a user. While there are 3 different paths that can be taken, with each having its unique requirements and characteristics, the determination will ultimately be made in part based on the Partner's CIP programs and licenses, as well as the jurisdictions in which it operates. Your dedicated Integration Rep can help identify which category you fall into.
Full Guide Available
Visit 🔒 the KYC guide and its sub-pages for further detail on KYC/AML workflows.
Partner has a signed Reliance letter with DriveWealth, and its KYC/AML policies and procedures have been approved by DriveWealth Compliance
DriveWealth Compliance team has approved Partners KYC/AML Policy Procedures
Partner does not have a robust KYC/AML program and is 100% relying on DriveWealth to perform CIP checks
Once an account has been created, the customer is then sent through DriveWealth's KYC program, where there could be a few various KYC status outcomes based upon the reviews done. Following are the different outcomes.
Partner has not collected all required PII to initiate KYC checks
Partner has collected all required PII and is ready for KYC (POST /accounts)
User has been sent for KYC
User is KYC approved
Users PII does not match for KYC, Partner will need to update PII using the PATCH /users request
User will need to submit a document for verification
User is under review after either additional info provided or additional document has been uploaded
User’s KYC has failed and needs to be resubmitted
Possible KYC Status Mutations