Know Your Customer (KYC)

KYC (Know Your Customer) verification is a critical process that helps organizations ensure compliance with regulatory requirements. It involves verifying the identity and legal information of account

Use the manual KYC verification process to register on Open Collective the result of a KYC program made outside the platform, the host is responsible for ensuring the information is accurate and up-to-date.

Where to find and initiate a Manual KYC Verification

• From the people tool, in the KYC tab under an individual`s account details. Here you can find the history of KYC verification for an individual and request a new verification.

• From the KYC requests dashboard. Here you can review all KYC requests made by your organization and you can initiate a request by searching an individual.

• From submitted expenses to your organization or your hosted collectives. Here you can submit a KYC verification on behalf of the payee, as well as review its current status.

• Within the context of your dashboard, when hovering individual accounts, a KYC badge will be displayed if that individual has a pending or verified KYC request.

Expenses

When reviewing a submitted expense to your organization or hosted collectives, you can:

• Review the current KYC status of the payee (individual).

• Flag the payee as requiring KYC (individual).

• Submit a KYC verification on behalf of the individual.

• Review the KYC status of the payee account (collectives, projects, funds, etc). When the payee can be administrated by multiple people, we surface the KYC statuses of the admins.

Changes to expense payout method after KYC verification

When a payee is KYC verified, any changes to the expense payout method after the KYC verification are flagged and generate an activity in the expense timeline. Expense payers can still proceed with payment after review of the payout method.

Flagging expense payees for KYC verification.

When a expense payee is flagged for KYC verification in the expense review process, all current and future unpaid expenses from that payee are flagged as requiring KYC verification. Expenses from this payee will appear on the "on hold" pipeline on the expense payment tool. After the payee has completed KYC, the "on hold" status will not be applied and the expense will appear on "ready to pay" (depending on the other expense conditions).