KYC Verification Flow
A comprehensive guide to the Know Your Customer (KYC) verification process in the FinHub platform
KYC Verification Flow
This guide details the complete Know Your Customer (KYC) verification process in the FinHub platform. KYC verification is a mandatory step for customers to access full financial services, ensuring compliance with regulatory requirements.
Flow Overview
The following sequence diagram illustrates the complete KYC verification process, including both automated and manual review paths:
Detailed API Flow
Step 1: Upload KYC Document
The first step is to upload the required KYC documents for verification.
API Request:
Request Form Data:
Response:
Implementation Notes:
- The system accepts various document types (passport, ID card, driver’s license)
- Document images should be clear and legible
- Multiple documents may be required (front/back of ID, proof of address)
- The metadata provides context for document verification
Step 2: Get Current Documents
After uploading documents, the system allows checking the status of all uploaded documents.
API Request:
Response:
Implementation Notes:
- Documents may have different statuses (RECEIVED, PROCESSING, VERIFIED, REJECTED)
- If a document is rejected, the system provides a reason
- The customer may need to re-upload documents if they are rejected
Step 3: Get SEPA ID for Verification
The system generates a SEPA ID that is used for the verification process.
API Request:
Response:
Implementation Notes:
- The SEPA ID is a unique identifier for the verification process
- The ID has an expiration time
- This ID is used to track the verification process
Step 4: Start Verification Process
Once all required documents are uploaded, the verification process can be initiated.
API Request:
Request Body:
Response:
Implementation Notes:
- The verification process runs in the background
- Automated verification typically takes 5-30 minutes
- Manual verification may take up to 24-48 hours
- The customer is notified when verification is complete
Step 5: Check KYC Status
The customer can check the status of their KYC verification at any time.
API Request:
Response:
Implementation Notes:
- The KYC status is updated in real-time
- If verification is rejected, a reason is provided
- The customer may need to restart the verification process if rejected
- Successful verification unlocks full account functionality
Manual Review Process
In approximately 10% of cases, documents are flagged for manual review by compliance officers in the Business Control Panel:
- Document Flagging: The system flags documents that require manual verification
- Compliance Officer Assignment: A compliance officer is assigned to review the documents
- Document Review: The officer reviews all submitted documents and customer information
- Verification Decision: The officer approves or rejects the verification
- Customer Notification: The customer is notified of the verification result
Error Handling
The KYC verification process includes comprehensive error handling for various scenarios:
Error Scenario | Error Code | Description |
---|---|---|
Invalid document format | INVALID_DOCUMENT_FORMAT | The document format is not supported |
Document too large | DOCUMENT_TOO_LARGE | The document file size exceeds the limit |
Poor image quality | POOR_IMAGE_QUALITY | The document image is not clear enough |
Expired document | EXPIRED_DOCUMENT | The identity document has expired |
Missing required document | MISSING_DOCUMENT | A required document type is missing |
Information mismatch | INFORMATION_MISMATCH | Document information doesn’t match provided details |
Compliance Considerations
The KYC verification process is designed to comply with various regulatory requirements:
- Anti-Money Laundering (AML): Verifies customer identity to prevent money laundering
- Counter-Terrorism Financing (CTF): Screens against global watchlists
- Know Your Customer (KYC): Validates customer identity and assesses risk
- GDPR Compliance: Ensures proper handling of personal data
- Record Keeping: Maintains verification records for regulatory purposes
Next Steps
After successful KYC verification, the customer can: