What is KYC?

Know Your Customer (KYC) is a due diligence process that is legally required for financial services companies like Tranch. KYC requires Tranch to verify a customer’s identity, assess and monitor the customer’s risk profile, and generally confirm that the customer is who they claim to be.

Why is KYC Important?

KYC compliance is an integral part of the prevention of money laundering, the financing of terrorism, and more generic fraudulent schemes.

What is Required to Complete KYC?

[In Tranch]

As a part of a Tranch Pay Later application, owner and officer details are required for individuals that meet the following criteria:

• Individuals owning more than 25% of the business
• Individuals with the power to make significant decisions on behalf of the company (e.g. CEO, CFO, President, Managing Director, etc)

Information required to be provided by individuals meeting the above criteria include:

• Personal details (including last four digits of SSN for Identity Verification)
• Residential details
• Consent to a soft credit check
• Consent to sharing all of the above information with Tranch

The information above is provided to Tranch via the Officers tab found in the lefthand navigation menu of a customer’s Tranch account.

Verification of Identity

The last 4 digits of an individual’s SSN enable us to streamline the verification of a customer’s identity. If provided, we can complete all checks with no need for additional information from an individual

If the last 4 are not provided, we use a 3rd party provider called Veriff to complete the confirmation of identity.

Individuals will be sent an additional email with instructions to complete the checks. They’ll need a smartphone and government-issued I.D. and will be asked to: