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KYB - Proof of ID document expiry process changes

· 3 min read

We are making a number of changes in this release to how we handle expiry of proof of ID (PoI) documents in KYC and KYB. Expiry refers to the “valid until” or “expires” date shown on the form of ID (such as a passport or national ID card).

Effective:

  • 23 July 2024 on Sandbox
  • 24 July 2024 on Live

The key points are as follows:

The Buyer's KYB good standing depends on the individual PoI documents being valid (not expired) for the Admin User (/appointee), plus ALL of Ultimate Beneficial Owners (UBOs). All of the Buyer's accounts will be restricted from transacting if any of the required IDs are deemed to be out of date after attempts to alert the stakeholders, until brought back into good standing.

  • In any actual restriction action Weavr will send a webhook and notification email as well as proactive support team engagement.

  • The Embedder has the primary responsibility to communicate with End Customers and their representatives/stakeholders in advance of PoI expiry and in the event of documents having expired. Embedders' systems should provide one or more advance warnings to the relevant end customer contacts.

  • Weavr will now send webhooks to the Embedder’s endpoint for every soon-to-expire PoI 30 days before expiry, 10 days before, and on the day of expiry. In addition a final warning is sent 10 days after the day of expiry. Embedders should use these webhooks to construct the relevant notifications for End Customer stakeholders.

  • In addition to the above webhooks, Weavr will send emails directly to the affected Admin User (or non-director Admin User plus director appointing them). The email content is as follows and can be customised by the Embedder for their programme, on request via support ticket:

email

  • The above email will be sent 30/10/0 days before as well as 10 days after the ID document expiry date.

  • The 30/10 days before and 10 days after expiry timeframes are configurable per Embedder programme: please contact Weavr if you wish to make changes in this regard.

  • Please note that any accounts currently affected by having one or more PoI documents already expired at the go-live date of this release, will already be subject to compliance case management with Embedder support teams. Any soon-to-expire cases after the go-live date will begin receiving reminders immediately.

Please read the full article on Proof of ID expiry to find out more (requires Weavr Support Portal login).