Our banking relationship with Grasshopper Bank requires that we perform KYC/AML checks on all Deal Leads, Investors, and 25% UBOs. KYC/AML checks will be retriggered if more than 12 months have passed since the last check or if the user updates their profile in our app. There are two ways that a user can pass KYC:
- Documentary: We obtain documentary proof that verifies a customer’s identity. This can include an identification document (passport), TIN verification (SSN card or tax form), address verification (utility bill, bank statement, etc.), articles of incorporation, etc.
- Non-Documentary: Non-documentary verification is where our KYC vendor's data sources come into play. Every time we send a customer’s information to our KYC vendor, that customer will go through a ‘Journey’ that has been set up in our partner's platform. The vendor will check the customer’s information against a variety of data sources including MidDesk, GDC Worldview, and LexisNexis