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Use of External KYC Vendors

However, using external KYC vendors might be necessary for several reasons, such as utilizing data sources that better fit your target customer, having a better understanding of the vendor, or having existing contractual arrangements or integrations. For more information on technical API integration, please visit our developer webpage linked here. The use of an external KYC vendor requires the following:
  • Approval from your Sponsor Bank
  • Third-party vendor risk assessment, with ongoing assessments after launch
  • Sending KYC verification data to the Synctera Console via API
  • List of verifications performed by the KYC vendor for each customer account opening - this includes fraud checks, document screening, selfie checks and more.
  • Detailed results of the verifications completed including pass / fail / risk scoring
  • Notes or evidence of additional manual reviews performed for verifications that have failed
  • Documentation collected documents during onboarding including passport, driver’s license or business formation documents such as incorporation docs - these should be sent via the Documents API
  • Ability to complete KYC reviews with qualified staff or compliance operations - see requirements to opt-out of Ground Control
  • Clear procedures for how the staff will conduct and document manual KYC reviews that have failed automated checks
  • Types of ID that are accepted and examples of permissible IDs such as government IDs
  • List of the settings and configurations of the KYC provider - shared with Synctera Compliance Operations team and the Sponsor Bank
OFAC and PEP ScreeningThe Sponsor Bank must continually screen customers for various checks, such as OFAC sanctions lists and Politically Exposed Persons (PEP) screening. These checks cannot be outsourced to an external vendor unless the Sponsor Bank approves. Otherwise, they must be performed using the approved Synctera integrated vendor.