CaliberX APIs are designed to securely navigate SEC regulations, ensuring a smooth and secure experience for your clients. Our APIs simplify the regulatory process, allowing you to focus on delivering exceptional alternative investment services.
The Importance of Identity Verification
Since our marketplace hosts funds registered with the Securities and Exchange Commission (SEC), we are obligated to conduct customer verifications, irrespective of whether they have been previously verified by your application. This is a mandatory step to ensure regulatory compliance and the highest standard of customer security.
We employ a rigorous identity verification procedure to guarantee the accurate authentication of both individual clients and legal entities. We leverage Plaid's identity verification tool to mitigate fraud risks, thereby maintaining the highest level of security and integrity throughout our platform.
Anti-Money Laundering (AML)
We implement exhaustive Anti-Money Laundering (AML) checks, which include screening across more than 30 sanctions and government agency lists, along with Politically Exposed Persons (PEP) checks. To further fortify our defenses against fraud risks, we utilize Plaid's robust monitor product. This comprehensive approach ensures a secure and trustworthy environment for all our users.
Launching Identity Verification
Our APIs enable you to initiate Identity verification and AML checks at the investment accounts level. After entering the necessary details for the investment account owner(s), the verification process can be launched.
We employ a swift verification process, "lightning verification", which uses tax ID information to confirm a customer's identity. If this method fails, we shift to document verification. To streamline the process, we recommend that you upload a copy of the customer's government ID or passport, if available. This proactive measure can help avoid potential delays in case the initial verification does not succeed.
Sessions and Verification Results
In the event of a failed identity verification, our system allows you to update the required data and upload supplementary documents, such as a government ID or passport. The most recent session results are readily accessible on the Party, as shown in the investment accounts section. Furthermore, we provide access to all verified and failed sessions, offering a comprehensive audit trail for your reference.
Nullification of Verification
Any changes made to the investment account or its owner(s) will result in the invalidation of prior verification results. In such cases, you will need to initiate the verification process anew.
Ready to Trade
Upon successful completion of the verification process by all account owner(s), the account is officially verified and is primed for trading. This confirms the creation of a secure and compliant trading environment that safeguards the interests of all participating parties.