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KYB Verification

Overview

This user story covers the Know Your Business (KYB) verification process for organizations registering on the REC Verifiable Credentialing Platform. KYB verification is a critical compliance step to ensure that only legitimate businesses can use the platform for issuing and verifying credentials.

User Stories

KYB Information Collection

As a platform administrator,
I want to collect KYB information from organizations during registration,
So that I can verify their legitimacy before allowing them to use the platform.

Acceptance Criteria: - The system collects the following KYB information: - Business registration documents - Company officers/directors information - Proof of business address - Tax identification numbers - Beneficial ownership information - The system securely stores all KYB documents - The system validates that all required documents are provided - The system allows organizations to save partial information and return later - The system notifies administrators when new KYB information is submitted

KYB Verification Process

As a compliance officer,
I want to review and verify KYB information submitted by organizations,
So that I can ensure only legitimate businesses are onboarded to the platform.

Acceptance Criteria: - The system provides a dashboard to view all pending KYB verifications - The system allows viewing all submitted KYB documents - The system enables approval or rejection of KYB verification with comments - The system tracks the verification status (pending, in progress, approved, rejected) - The system requires a second approval for high-risk organizations - The system logs all verification actions for audit purposes - The system notifies the organization of the verification outcome

KYB Integration with Velocity Network

As a platform administrator,
I want to synchronize KYB verification status with the Velocity Network,
So that the organization's status is consistent across the ecosystem.

Acceptance Criteria: - The system updates the organization's status in the Velocity Network after KYB verification - The system handles API responses and errors appropriately - The system retries failed API calls with appropriate backoff - The system logs all API interactions for troubleshooting - The system alerts administrators of persistent synchronization failures

KYB Status Monitoring

As a compliance officer,
I want to monitor the KYB status of all organizations,
So that I can ensure ongoing compliance with regulations.

Acceptance Criteria: - The system provides a dashboard showing KYB status of all organizations - The system allows filtering organizations by KYB status - The system highlights organizations with expired or soon-to-expire KYB verification - The system enables scheduling periodic KYB re-verification - The system generates reports of KYB verification activities - The system sends automated reminders for KYB re-verification

Technical Details

KYB Verification Workflow

  1. Organization submits KYB information during registration
  2. System validates completeness of information
  3. Compliance officer reviews submitted information
  4. Compliance officer approves or rejects KYB verification
  5. System updates organization status based on verification outcome
  6. System synchronizes status with Velocity Network
  7. System notifies organization of verification outcome

Database Schema

The KYB verification entity will include: - id (UUID, primary key) - organization_id (UUID, foreign key to organizations) - status (enum: PENDING, IN_PROGRESS, APPROVED, REJECTED) - submitted_at (timestamp) - verified_at (timestamp, nullable) - verified_by (UUID, foreign key to users, nullable) - rejection_reason (text, nullable) - expiry_date (date, nullable) - documents (JSON array of document references) - created_at (timestamp) - updated_at (timestamp)

Security Considerations

  • All KYB documents must be encrypted at rest
  • Access to KYB information must be restricted to authorized compliance officers
  • All KYB verification actions must be logged for audit purposes
  • KYB documents must be stored in compliance with data retention policies
  • Personal data in KYB documents must be handled in accordance with GDPR