Identity verification and monitoring
    • 28 Nov 2023
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    Identity verification and monitoring

    • PDF

    Article summary

    Synctera Know Your Customer (KYC)

    Easily verify that your customers are who they say they are

    Banks expect their FinTech partners to meet Know Your Customer (KYC) compliance requirements in adherence to the Bank Secrecy Act (BSA). However, establishing KYC processes is no simple task. Managing KYC processes, inefficiencies and inaccuracies can slow down the customer onboarding process and potentially lead to increased rates of financial crime.

    Synctera KYC streamlines compliance processes using automated workflows. Our solution is purpose-built and preconfigured to meet all the unique regulatory requirements of FinTechs and their bank partners.


    Prevent fraud proactively: Ensure compliance with your bank partner’s KYC processes and protect against fraudulent accounts from the very start

    Remove friction to achieve growth quickly: Accelerate customer onboarding, enhance customer experience, and achieve faster growth in monthly active users

    Key features

    Identity verification: Verify the identity of a customer using 400+ data sources

    Risk scoring: Receive a risk score on how individual fields (email, phone number, address) correlate to accurately identifying the customer

    Reason codes: View a detailed description for why a KYC check was accepted, declined or flagged for review

    Synthetic identity protection: Identify and protect against the use of fake identities

    Rerun KYC when customer's personal information changes: Keep KYC up to date by opting into this feature. You may choose to have KYC rerun automatically whenever your customers update their personal information, or you may initiate reruns yourself via Synctera's KYC API.

    Regulatory dashboards: View a range of metrics and reports for auditing and compliance purposes

    How it works

    1. Synctera automatically performs KYC checks on new customers via an API
    2. Identity verification, risk scores, politically exposed person screening, OFAC, and other sanction list checks are all automated
    3. The check results in a pass / fail outcome
    4. If a customer fails the automated KYC check, a case is created and you are alerted to review manually
    5. You investigate and provide additional insights and documentation to your bank partner to achieve a pass outcome
    6. Data from KYC checks are stored in a secure, audit-ready format

    Synctera KYC Document Verification

    Verify IDs and selfies as needed during customer onboarding

    When onboarding new customers, in certain cases you may need to verify customer IDs or selfies. For example, a customer may not have a Social Security Number or an Individual Taxpayer Identification Number. Or, your Know Your Customer (KYC) system may have flagged the customer for review. In these cases, you can use Synctera KYC Document Verification to validate that identity documents are real and accurate, and to compare them with user-entered data. Synctera KYC Document Verification also performs “liveness” checks on selfies to ensure that the person is real and physically present, and when needed, compares a selfie to the image on an identity document.


    • Establish confidence in the people you are doing business with
    • Protect yourself against spoofing attacks and other types of fraud
    • Accept new customers without manual intervention from your operations team, with 98% auto decisioning, 96% accuracy in selfie liveness detection, and 96% accuracy in selfie-to-ID photo matching (source)

    Key features

    • Verifies identity documents and selfies using a range of advanced techniques including image capture, classification and extraction, forensic checks, biometric verification, and predictive analytics
    • Verifies any info on the document against information already related to the customer
    • Verifies that a customer is real by performing a liveness check on a customer-provided selfie, and by checking the selfie against the photo on the customer’s ID
    • Supports documents from 190+ countries
    • Implemented using an SDK to capture document images and selfies
    • This product is required for all Synctera clients who use Synctera Know Your Customer (KYC)
    • If you use a non-Synctera vendor for KYC, Synctera requires that you use a document verification service of your choosing

    Synctera KYC Watchlist Monitoring

    • Checks your customers’ names against a set of standard watchlists every 15 minutes. If their name has been added to any lists, Synctera KYC Watchlist Monitoring opens a Customer Alert case to be actioned by you. Also checks to determine if the customer is a Politically Exposed Person (PEP).
    • Set up a specifically relevant list for your situation, with update notifications and customizable thresholds. Get Politically Exposed Persons (PEP) screening, sanction list screening and global coverage.
    • Receive a notification if any of your customers are added to a watchlist.
    • By default, Synctera automatically enrolls your retail customers in KYC Watchlist Monitoring after they complete KYC. 
    • You may also enroll your customers in this product yourself via Synctera's Watchlist API.

    Synctera Know Your Business (KYB)

    Verify and monitor business customers

    If you provide financial products or services to business customers, you are obligated to comply with a range of Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) regulations that require you to assess these customers, at onboarding and throughout the entire customer lifecycle, to make sure that they are legitimate, not sanctioned by the U.S. government, and not on any watchlists.

    Know Your Business (KYB) processes today are often slow and require manually reviewing and tracking documentation in non-centralized systems. This makes it hard to scale B2B financial products or services without hiring additional compliance staff.


    • Maintain compliance with BSA/AML regulations and avoid reputational damage from regulatory violations.
    • Reduce the number of manual reviews your compliance team needs to perform, as pre-configured rules allow you to automatically approve/reject 50-65% of businesses.
    • Keep up to date with changes to business customers without needing to wait for them to provide you with new information.
    • Automation helps you keep compliance costs down and increase the number of KYB checks you can perform without hiring additional headcount as your business scales.

    Key features

    Synctera Know Your Business (KYB) is an automated solution that helps you determine whether businesses should be allowed to open and maintain accounts with you. Synctera KYB assesses the riskiness of business customers - and of people connected to those businesses - with Accept/Review/Decline outcomes provided in 10 seconds to five minutes. A case is created in Synctera Cases for the Review/Decline outcomes.

    • Verifies information for business customers - and the people (owners, executives) connected to them - at onboarding. Business types supported include: sole proprietorships, partnerships, LLCs, corporations, S corporations, non-profits, and others. Checks the Secretary of State filings for all 50 US states and the District of Columbia and Puerto Rico to validate that a business is registered and in good standing. Also checks against watchlists, and checks that email addresses, phone numbers, and mailing addresses are all valid.
    • Assesses business customers based on rules pre-configured by you and your bank partner. Synctera KYB includes a set of out-of-the-box rules that you and your bank partner can configure and manage in Synctera Cases. You and your bank partner can also add custom rules.
    • At onboarding, determines an Accept/Review/Decline outcome for the business and each of its related entities.
    • Also provides real-time monitoring and case creation for events that change the KYB outcome of a business, including bankruptcies, watchlist hits, and updates to filings.
    • Cases, which require further investigation, are created, managed, and tracked in Synctera Cases. Related documentation and evidence can be attached to each case.
    • Case management is highly configurable, with the ability to automatically assign cases to compliance staff, and escalate cases based on designated criteria and timelines.

    Synctera KYB Compliance and Risk Monitoring

    • Provides real-time monitoring for events that change the KYB outcome of a business, like updates to its Secretary of State filing, bankruptcies, or watchlist hits. 
    • Any updates will result in the creation of a Business Alert case for further investigation.
    • By default, Synctera automatically enrolls your business customers in KYB Compliance and Risk Monitoring after they complete KYB. You may opt out, but opting out is discouraged.

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