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The payment activity of your platform’s users is subject to regulatory obligations. These obligations, often referred to as AML/CFT (for anti-money laundering and countering the financing of terrorism), are designed to prevent the misuse of the financial system for illegitimate purposes and protect your platform and users. Mangopay applies KYC/KYB limits to users on your platform as part of its compliance with these regulations. To exceed the limits, Mangopay must verify the identity of the user. This process is often referred to as KYC (know your customer) for individuals and KYB (know your business customer) for legal entities. Mangopay provides a frontend web experience on which your Natural Users and Legal Users can complete all necessary steps.

Hosted IDV for KYC/KYB

Redirect users to complete verification

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Scope

You can only request verification for users whose UserCategory is OWNER. This means they have provided basic information and enrolled in Mangopay’s SCA. When an OWNER User (Natural or Legal) has been successfully verified, their KYCLevel becomes REGULAR (instead of LIGHT by default). This allows them to exceed the KYC/KYB limits, for example by requesting payouts.

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Proactive Owner verification

In future, Mangopay will be requiring KYC/KYB verification earlier in the user journey for OWNER users. They will need to be verified before they start receiving funds on your platform. KYC/KYB verification will be required for the following users:
  • Pay-in – The credited user of a pay-in. This is the user owning the CreditedWalletId (but not the AuthorId initiating the payment)
  • Transfer – Both the debited and credited users involved in a transfer. These are the owners of the DebitedWalletId and the CreditedWalletId
If any of these three users has KYCLevel of LIGHT, then the pay-in or transfer transaction will no longer be possible. Mangopay will be introducing a new error message that will be returned:
  • ResultCode – 002951
  • ResultMessage – Transaction refused because one of the user OWNER is not KYC verified (KYCLevel is not REGULAR)
This restriction will also apply in the case of a KYC downgrade or during renewal – at any moment that the User’s KYCLevel is LIGHT.
Anticipate integration
The introduction of KYC/KYB verification for OWNER users before they can receive funds will require your platform to integrate Mangopay’s hosted IDV redirection during your user’s onboarding journey.