At Orum, we make risk management a priority by maintaining a comprehensive Customer Due Diligence (CDD) program throughout the entire customer relationship. Our program involves two methods of identification: Know Your Customer (KYC) for persons and Know Your Business (KYB) for businesses.
KYC involves identity verification of a person in addition to ensuring that customers are not on any government-sanctioned lists. At Orum, we provide two options for verification: BYO-KYC and Orum-KYC.
BYO-KYC is an offering that allows you to conduct your own KYC process. To qualify for this partnership, you must provide Orum with your BSA/AML Policy and/or procedure detailing your internal KYC process, in addition to a virtual walkthrough of the process with Orum Compliance. Our compliance team reviews and verifies the adequacy of your KYC process with regard to Orum's financial partner agreements and Federal Financial Institutions Examination Council (FFIEC) compliance.
For BYO-KYC, you will need to conduct adequate identity verification on your individual customers. At a minimum, you must verify the full legal name, physical address, tax ID (SSN), and date of birth of your customers. We will perform watchlist screening on all individuals during onboarding and on an ongoing basis. Orum reserves the right to reject or restrict any customer from utilizing our services.
Orum-KYC is an additional service we provide if you don't have a CIP process established and don't plan to set one up for your platform. Our service manages the complexities of creating and maintaining your own CIP in-house. We use third-party vendors to perform KYC verification on all Orum customers to verify their true identity prior to transacting with our product.
For Orum-KYC, we obtain and screen full legal name, physical address, tax ID (SSN), and date of birth information through our third-party vendor at onboarding and on an ongoing basis. All individuals in Orum-KYC undergo watchlist screening, which provides constant monitoring and updates to various sanctioned lists (OFAC-SDN, OFAC NON-SDN, etc.).
Updated 8 months ago