Ways to Process KYC in Forex Brokerages

Today we’d like to cover the KYC Module and its capabilities.

 

First of all, the KYC process can be very different,

 

Almost every one of our clients has some customization put in that affects the KYC process workflow. It is one of the most customized parts of the systems and that is why we made it the most flexible.

 

Well Let’s take a look at some examples:

 

Default Workflow:

 

Account Registration -> Trading Platform Account Opening in Disabled Status -> Request for ID Copy & Utility Bill -> Documents Submitted -> Documents verified by Broker -> Global KYC Status Passed -> Trading Platform Account Enabled.

 

Changing any part of this process changes the entire workflow. Here is an example, let’s say you don’t want to spam your trading platform with abandoned accounts that never even intended to finish the registration.

 

Now you got:

 

Account Registration -> Request for ID Copy & Utility Bill -> Documents Submitted -> Documents verified by Broker -> Global KYC Status Passed -> Trading Platform Account Opened.

 

Keep in mind that each step in this chain triggers other events such as email confirmations or task status changes. So that is why when we start the setup, this will be one of the first things you will discuss with your project manager.

Alright, let’s add dimensions to this:  Documents can be partially approved (ID = OK, Utility Bill = NOT OK) Our workflow would not execute till the document is updated by the Trader and verified by an Admin. 

Different KYC may be required by different Account types: for example Joint Accounts would require KYC on All Parties.

 

Corporate Accounts would require company KYC in addition to the Trader KYC.

 

Accounts with higher balances can require ADDITIONAL KYC for example: the source of funds.

 

So and finally we get to KYC Automation. Many companies can take a lot of weight off your shoulders if you let them.

 

Sumsub, AutoKYC, Onfido, HiveId are just some of the examples.

 

These companies can accept your customer documents, verify their authenticity and based on that we can approve their account automatically without you doing anything regarding customer KYC.

 

Of course there are dimensions to this as well, for example some jurisdictions require you to check for Publicly Exposed Persons, or ongoing KYC where you check the KYC every year or every time a document expires.

 

In some jurisdictions all withdrawal requests need to go through a special verification process to make sure the destination accounts belong to the same person as the depositor.

 

All of the above mention scenarios add levels of customizations and require flexibility that Kenmore Design CRM can offer out of the box.  

 

With our help and guidance, you will be able to quickly gain a solid client base and develop an excellent reputation.