Know your customer (KYC) is the process of a business identifying and verifying the identity of its clients as part of due diligence requirements. The objective of KYC guidelines is to prevent financial institutions from being used, intentionally or unintentionally, by criminal elements for money laundering activities.
Nuvei’s anti-money laundering (AML) and electronic KYC (eKYC) solutions enable businesses to quickly and easily identify high-risk applicants and manage them appropriately. Our electronic identity checks help organizations meet their KYC and AML obligations when new accounts are created and when existing consumers need to be checked.
This method can be used for initiating a real time electronic identity check/Pep and Sanctions (politically exposed persons and financial sanctions) checks via multiple leading providers.
Prior to initializing KYC verification, be sure to invoke the createUser method for generating a userTokenID parameter since this is a mandatory field for any KYC check.
The KYC transaction results can be interpreted by a combination of the transaction result (technical) and the KYC result (business).
- eKYC verification results are derived from the provider’s response regarding the number of matches among the name, address and date of birth and other data sources.
- Document verification results are derived from the list of issues detected in the uploaded proof-of-identity images.
Please note that a proof of residence is always returned with “Review” as the KYC result since this type of documentation cannot be verified by nature. For a list of possible issues, see “Issue Types” under getDocumentUploadUrl.
- Approved – The transaction was finalized as successful following a provider asynchronous notification.
- Pending – The transaction was initialized successfully but is still pending on an asynchronous notification by the provider. Once a notification is sent a correction is updated in the system.
- Declined – The transaction was finalized as unsuccessful following a provider asynchronous notification.
- Error – The transaction could not be completed due to technical errors.
- Approve – It is recommended to allow the customer to progress and update the end user’s KYC status accordingly.
- Error – The verification could not be accomplished due to technical errors.
- Review – It is recommended to manually review the details and make a decision regarding the end user’s KYC status.
- Reject – It is recommended to update the end user’s KYC status accordingly.
- None – Verification could not be performed at the provider side. It is recommended to revise the request parameters.
To view the eKYC parameters and integration types on our Developer’s Portal, please click here.