The User identification and verification policies and procedures of the program are designed to:
- Ensure adherence with the user identification and KYC policy of FI partners and various State, Federal and International regulators governing the provision of the services.
- Ensure adherence with all compliance requirements of FI partners and State/Federal/International regulators.
- Promote safe and secured business practices and minimize the risk of the services from being misutilized for any fraud, money laundering and other illegal activities.
- Help monitor and report suspicious activities.
Our verification processes are designed in line with the compliance policies of our FI partners including the requirements of the Banking Secrecy Act (BSA) and all other State, Federal and International Money Transfer Regulations. This requires collection of certain information from users during the registration based on the amount and volume of transactions. Accordingly, we have devised a Tier based verification program which governs the transaction limits and KYC/KYB requirements for each tier.
Your Specification Sheet, provided by Machnet, will include details of the Transaction limits and KYC/KYB requirements applicable for your users.
User Verification is divided into KYC/KYB verification and Tier verification. Information required for KYC/KYB and tier verification is referred to as CIP tags. Each user has a KYC/KYB verification status and each field corresponding to the required CIP tag also has its own verification status. Only when all CIP information required for KYC/KYB verification (listed below) are verified will the KYC status of the user be verified.
If the user is an individual, the following basic information will be required to perform Know Your Customer (KYC) verification checks.
- Date of birth
- Phone number
If the user is a business, the following basic information will be required to perform Know Your Business (KYB) verification checks.
- Name of company
- Type of company
- Date of formation of the company
- Registered address
- Mailing address
- Phone number
- Email address
- Nature of business
- No. of employees
- EIN Number
- EIN Document
- Certificate of Incorporation (if
- Company Website (if
- Business Representative Information (if
- Full name
- Ownership_percentage (if beneficial owner)
- Business representative type
- SSN if US individual
- Passport no. if non-US individual
- Copy of US government issued ID (Passport, driving license or state ID) if US individual
- Copy of foreign passport if non-US individual
The Platform requires the user to complete user verification for any transaction of the user to be processed and paid out. Any user whose verification is pending may however be allowed to perform other actions in the Platform, unless they are “Suspended”.
While basic information is required for KYC/KYB verification, additional CIP information may need to be collected and verified for the user to be able to transact. The required information for each tier and their corresponding transaction limits are outlined in your Specification Sheet.
While the user may be able to create a transaction without submission and verification of the required tier information, the transaction will not be processed and paid out until the required information is submitted and verified.