KYC Status

Read for details on KYC statuses of the senders

The KYC verification process is an automated process conducted on a real time basis. During this verification process, the user is placed under various KYC Statuses as described below:

Unverified Status

A user is placed in “Unverified” status until their KYC information has been submitted for verification.

Verified Status

A user is placed in "Verified" status if all the required KYC information has been submitted and successfully verified. User's transactions are only processed once they are verified.

In progress Status

A user is placed in "In progress" status if their KYC information has been submitted but the verification process is still running.

Retry Status

A user is placed in “Retry” status when the user is not verified automatically in the first instance, however, the verification does not require any review by the Affiliate. The user will be required to enter the last 4 digits or full Social Security Number (SSN). If the user cannot be verified with the SSN, the user is then moved to “Review Pending” status.

Document Status

A user is placed in “Document” status when the document submitted by the user cannot be verified. In this case, the user will be notified via email that the user has been moved to “Document” Status. The Customer Support Representative shall ask the user to reupload the document in the required format. The ID may be uploaded by the user or Affiliate. After the new document is uploaded, verification usually takes upto two (2) business days, however, the verification may take longer depending upon the case.

Review Pending Status

A user is placed in “Review Pending” status in the following scenarios:

· If the user is not verified after “Retry” status.

· After user submits additional information or document requested in “Retry Requested”/ “Document Requested” status.

Under “Review Pending” status, the user will be placed under review for KYC verification. Machnet shall inform the Affiliate regarding any further information and/or document that will be required to verify the user by placing the user under “Retry Requested” or “Document Requested” status. Upon review, Affiliate may move a user in “Review Pending” status to other KYC statuses as they deem sufficient. However, a user cannot be moved back to “Unverified” status.

Retry Requested Status

A user is placed in “Retry Requested” status if the user is required to edit existing information or submit additional information based on Affiliate review. Once the user has edited/submitted required information, they will be moved to “Review Pending” status.

Please note that details such as email, State and phone number entered by the user at the time of signup cannot be edited by the user when they are in “Retry Requested” status.

Document Requested Status

A user is placed in “Document Requested” status if the user is required to submit additional document based on Affiliate review. Once the user has submitted the required document, they will be moved to “Review Pending” status. Documents that may be requested from the user include:

· Identification Document

· Proof of address

· Proof of income/source of funds

Suspended Status

A user in “Suspended” status is not allowed to conduct any activity in the system. A user may be placed in “Suspended” status for one or more of the following reasons:

The Platform identifies anything suspicious during the Verification process of the user;
Identification of any AML, fraud or compliance risk with the user (whether or not the user is a verified user);
Any discrepancy in the KYC documents and information provided by the user;

The Affiliate can move users to other KYC status as mentioned above except to a “Verified” status. Affiliate shall change KYC status of users or take other actions as per the KYC notes and next steps suggested below. MACHNET shall perform necessary verification on the users before placing them on “Verified” status.

KYC Notes and Next Steps

S.No

KYC Notes

Action Required

Remarks

No public record found

Retry Requested>> Full SSN and contact Machnet for Enhanced Due Diligence

User will require to submit full SSN once they login to the system

Input Address is a PO Box and YOB Does Not Match

Retry Requested>> None and contact Machnet for Enhanced Due Diligence

Enhanced Due Diligence required

Input Address is a PO Box and YOB Does Not Match, Within 1 Year Tolerance

Retry Requested>> None and contact Machnet for Enhanced Due Diligence

Enhanced Due Diligence required

Input Address is a PO Box and State Does Not Match

Retry Requested>> None and contact Machnet for Enhanced Due Diligence

Enhanced Due Diligence required

Address Does Not Match and YOB Does Not Match, Within 1 Year Tolerance

Retry Requested>> None and collect ID manually to reduce the steps to verify the DOB as well

The user can edit the KYC details entered in the system and the SMP can upload the ID received from user profile from machnet Dashboard

Address Does Not Match and DOB/YOB Not Available

Retry Requested>> None and collect ID manually to reduce the steps to verify the DOB as well

The user can edit the KYC details entered in the system and the SMP can upload the ID received from user profile from machnet Dashboard

Street Number Does Not Match and DOB/YOB Not Available

Retry Requested>> None and collect ID manually to reduce the steps to verify the DOB as well

The user can edit the KYC details entered in the system and the SMP can upload the ID received from user profile from machnet Dashboard

Street Name Does Not Match and DOB/YOB Not Available

Retry Requested>> None and collect ID manually to reduce the steps to verify the DOB as well

The user can edit the KYC details entered in the system and the SMP can upload the ID received from user profile from machnet Dashboard

ZIP Code Does Not Match and DOB/YOB Not Available

Retry Requested>> None and collect ID manually to reduce the steps to verify the DOB as well

The user can edit the KYC details entered in the system and the SMP can upload the ID received from user profile from machnet Dashboard

State Does Not Match and DOB/YOB Not Available

Retry Requested>> None and collect ID manually to reduce the steps to verify the DOB as well

The user can edit the KYC details entered in the system and the SMP can upload the ID received from user profile from machnet Dashboard

Last Name Does Not Match and DOB/YOB Not Available

Retry Requested>> None and collect ID manually to reduce the steps to verify the DOB as well

The user can edit the KYC details entered in the system and the SMP can upload the ID received from user profile from machnet Dashboard

ZIP Code Does Not Match

Retry Requested>> None