Empower existing KYC flow with Sumsub KYT
Streamline the process of KYC data updating with the Sumsub KYT solution.
As per the RBI Master Circular on KYC:
- High-risk customers are required to update their information at least once every two years.
- Medium-risk customers should update their information once every eight years.
- Low-risk customers should update their information once every ten years, starting from the account opening date or the last KYC updating.
There are also industry-based and location-based requirements regarding KYC expiration.
Using Sumsub KYT lets you:
- Stay compliant with KYC expiration requirements regardless of the jurisdiction or industry.
- Adjust the KYC-renewal date based on the applicant risk level.
- Keep cooperating with your current KYC provider.
How do I get and use Sumsub KYT to renew applicant KYC?
To monitor your customers’ KYC expiration and inform them about the required renewal:
- Create a verification level and set it up based on the applicable regulatory requirements.
- Add the required KYC expiration date. For example,
kycExpirationDate
to the applicant metadata as your regulation requirement. - Create a rule and add the following:
- Rule condition with the following expression function:
diffInDaysFromNowGte(applicant.metadata["kycExpirationDate"], 0)
. - Applicant action: Review applicant -> Change level and select the level you created at Step 1.
- Rule condition with the following expression function:
- Click Create rule to save the configuration.
Updated 8 months ago