Common Rejection Causes
Gain insights into the regulatory and risk-related challenges.
Last updated
Gain insights into the regulatory and risk-related challenges.
Last updated
In Fintech companies, the verification processes are essential for complying with regulations and mitigating risks associated with financial transactions.
Rejection in KYC/KYB processes can occur due to various reasons, some of which include:
Incomplete Documentation: You might submit incomplete KYC/KYB documents or fail to provide all the required information, leading to rejection.
Expired Documents: KYC/KYB documents such as IDs, Passports, or Utility Bills may have expired, making them invalid for verification purposes.
Not Acceptable Documents: The following documents are not accepted for verification - screenshots, mobile phone bills, medical bills, receipts or insurance statements, certificates of residence.
Mismatched Information: Discrepancies between the information provided by you and the details on the submitted documents can lead to rejection. This includes inconsistencies in names, addresses, or other personal details.
Fraudulent Activities: Suspicious activities or documents that indicate potential fraud can result in rejection during the KYC/KYB process.
Restricted Jurisdictions: Our company operates in specific jurisdictions and we have restrictions on certain countries or regions due to regulatory compliance. If you are from restricted areas, you may face rejection during KYC/KYB.
High-Risk Profiles: Your profile could be classified as high-risk due to factors like politically exposed persons (PEPs) or involvement with sanctioned entities. Consequently, you might encounter heightened scrutiny and face the possibility of rejection during KYC/KYB procedures.
Regulatory Compliance Issues: Changes in regulatory requirements or updates in compliance standards may lead to stricter KYC/KYB procedures, resulting in increased rejections.
Unverifiable Information: Inability to verify the authenticity of provided documents or information can lead to rejection.