Consumer onboarding

Consumer onboarding

Step 1: Onboard a Person

In the Synctera platform, a person represents a natural person, including account holders, beneficial owners of a business and authorized signers. A person can hold multiple of these roles at the same time. Please see details in Synctera dev docs.

Step 2: Record Disclosure Acceptance

An important requirement when onboarding new customers is telling them about laws and regulations that affect them: that is, you must disclose that regulatory information. Please see details in Synctera dev docs.

Diagram: Disclosures

Step 3: KYC the Customer

US banking regulations require banks and other financial institutions to collect and verify information about the customers they do business with. These regulations require the establishment of a Customer Identification Program (CIP), commonly referred to as know your customer (KYC). These programs require:

• Data Collection: name, date of birth, address, and government issued ID.
• Disclosures: notifying customers about the collection and retention of data.
• Verification: verifying that the information collected is current, valid, and up-to-date.
• On-going monitoring: verifying customer is not on a known watchlist.

Please see details in Synctera dev docs.

Diagram KYC 1.1 (High-level Overview)

Diagram KYC 1.2 (Detailed)