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Consumer Due Diligence

Consumers need to complete KYC (Know Your Customer) before they can use any financial service

Weavr supports 2 levels of KYC, each level requires a different set of information and unlocks financial services accordingly:

  • KYC Level 1 – requires only basic information to be provided, but limits what the identity can do.
  • KYC Level 2 – requires more KYC information and documents to be provided, but removes restrictions to instruments and transactions that can be executed.

When onboarding a consumer you can choose which level to onboard your customers on by specifying the KYC Level in the kycLevel parameter. If not specified, KYC Level 2 will be assumed.

POST/consumers/kycTry it
info

A customer that is on boarded on KYC Level 1 can be upgraded to KYC Level 2 to unlock further services.

KYC Level 1​

This level of KYC requires the following information to be provided by the consumer:

  • Name & surname
  • Email Address
  • Date of birth
  • Occupation
  • Nationality
  • Country of residence

Consumers who complete this level can create instruments and perform transactions. However, there are restrictions on the total amount of funds that can be held on the account, transaction amounts and number of transactions performed.

Restrictions imposed on consumers with KYC Level 1​

KYC Level 1 verified consumers have the following restrictions:

  • €150 (or currency equivalent) of overall stored amount
  • managed cards and managed accounts can only be loaded once ie.non-reloadable instruments
  • managed cards can only be created in prepaid mode
  • Send, Purchase and Outgoing Wire Transfer transactions cannot exceed the transaction value of €50 (or currency equivalent). If this is exceeded, a 409 IDENTITY_KYC_LEVEL_STEPUP_REQUIRED is returned.
  • managed accounts can only receive one deposit that does not exceed the overall stored amount limit
  • card transactions originating from the following merchant category codes are declined:
    • 4829 (Wire Transfer Money Orders)
    • 6012 (Other Financial Institutions)
    • 6051 (Quasi Cash)
    • 6538 (MoneySend Funding)
    • 6540 (POI Funding Transactions)
    • 7995 (Gambling)
    • 6011 (Cash withdrawal)
    • 6010 (Cash advance)

KYC Level 2​

Consumers onboarding on KYC Level 2 are required to provide more due diligence information, in particular proof of identity documentation, selfie, as well as proof of address documentation. Once this information is provided and approved, the restrictions imposed by the KYC Level 1 are lifted.

The following information will be captured as part of the due diligence process:

  • Identity (e.g. copy of the ID card or passport)
  • Liveness check (selfie)
  • 2 x proof of address (e.g. a recent copy of a utility bill or a bank statement)

The following documents are accepted as proof of address for individuals:

  • Utility bill
  • Recent bank statement
  • Tax-free allowance certificate
  • Formal documentation from government (e.g. resident permit, voting document, etc.)
  • Online register of electors
  • Building or contents insurance certificate document
  • Driving license showing the address
  • Mortgage letters

Upgrade a consumer to a new KYC level​

Use the POST /consumers/kyc API to upgrade the consumer's due diligence level. In this case, the kycLevel provided should be set to KYC_LEVEL_2.

POST/consumers/kycTry it
SOURCE OF FUNDS

The sourceOfFunds and sourceOfFundsOther fields associated with a consumer must be provided to start the KYC Level 2 flow. If these where not provided when creating the consumer the patch /consumers endpoint, can be used to update these details.

Retrieve the KYC level and status of a Consumer​

In order to determine the KYC level and status of a consumer, use

GET/consumers/kycTry it

The kycLevel field returns the effective KYC Level for the consumer. If the consumer is in the process of upgrading their level, this will be provided in the ongoingKycLevel field.