Regulated Financial Institutions governed by BSA rules can leverage their own KYB/KYC process. Please contact us for more information.
Before onboarding, the end-user's control over any email addresses or phone numbers must be confirmed (for example, via confirmation codes) before submitting an application to the API.
- Partners implementing their own onboarding UX are required to perform customer/applicant proof of ownership—such as verifying government ID and a live photo match through a trusted vendor—to ensure the individual is the rightful owner of the submitted information.
- While onboarding, partners must comply with the disclosure requirements listed below.
- Monthly statements are created for bank and brokerage accounts and must be made available to the user.
- Partners are required to send an email to end users every month a new statement is available to comply with regulatory requirements.
- Partners can expect monthly statements to be available by the 15th of every month.
- It is required to make the past 6 years of brokerage statements available to the end user.
- It is advised to make at least the past 12 months of bank statements available to the end user.
- Trade confirmations must be made available to the user.
The bundle of customer disclosures and agreements served at the Agreements endpoint must be presented to users before signing up for an account. This includes Risk and Limitation disclosures, Regulation E disclosures, Account agreements and more.
- The customer consent for these disclosures have to be versioned and time-stamped and sent with the application.
- Jiko reserves the right to update agreements from time to time. If a change is adverse to the customer, Jiko will notify partners, and they are then required to notify their end users 30 days in advance of the change.
- A change is deemed to be adverse to the customer if it will result in increased fees, increased liability for the customer, fewer types of available transactions or stricter limitations on the frequency or dollar amount of transactions.
- When Jiko updates the bundle of agreements, the version number of the agreement bundle will increment. Jiko reserves the right to reject or manually review applications where customer consent does not match the latest agreement version. Partners must re-fetch and display the agreements and disclosures links from the Agreements endpoint for every new application. This ensures each applicant is served the latest version of the agreements.