The compliance status of a user shows us at what point they are in the review process and what the user's account is enabled for. Essentially it is the status of the account and the document review stage. Therefore compliance status shows us if a user has been verified or if he has documents pending. It also shows us if they can place orders.
By looking at this status we can see how we need to proceed with a user to get him verified for a tier but we also see if the user is able to proceed with purchases.
Compliance status is different to the verification status. Verification status indicates at what stage the user's verification request is. Each tier has its own verification status.
The verification tier is the level of KYC and tier they have reached. these include tier 0,1,2,3
The Compliance Statuses are: Declined; Unverified; Under Review; Pending for Documents; Pending for Documents (ID out of date); Verified (Tier 0/1/2/3).
- An old status we never use anymore.
- This is a status a user gets right after registration, before completing the verification form.
- Under Review
- The status all users get after completing the verification form. This is also the status of their Tier 1 verification when they submit documents for review (on compliance), and it remains until the documents have been reviewed and approved/declined. If a user’s compliance status was “Pending for Documents” prior to submitting the files, that user won’t be able to place orders while his verification request is being “Under Review”, but if the user was verified for any level when submitting the documents, he will be able to make orders while “Under Review” (up to the limit of his verification level).
- Pending for Documents
- The status that stands for the old “hard-decline” option. When a user is Pending for Documents, regardless of his verification level, he won’t be able to place an order without submitting documents and going through compliance first.
- Pending for Documents (ID out of date)
- The status a user automatically gets when his ID that was used for verification goes out-of-date.
- Verified Tier 0
- Completed personal verification form.
- Credit card purchases of up to $150.
- Newly-registered users are automatically in status “under review” and cannot purchase until they verify their account to tier 1. The only users whose compliance status is “Verified tier 0” are users who registered before this change and didn’t upload docs to verify their account to tier 1.
- Verified Tier 1
- 1 kind of government Issued ID.
- Selfie with the ID and a paper note
- High-risk countries: Purchases of up to $5000.
- Rest of countries: Purchases of up to $10,000.
- Verified Tier 2
- 2nd government Issued ID.
- Utility bill (as proof of address – see below)
- KYC questionnaire and Service Applicant Declaration form (users from high-risk countries only)
- High-risk countries: Purchases of up to $50,000.
- Rest of countries: Purchases of up to $50,000.
- Verified Tier 3
- KYC questionnaire and Service Applicant Declaration form (High-risk users will be required to provide again a new KYC questionnaire and SAD form).
- Purchases up to 1 million USD
- If a user wants to verify his account for tier 3, he needs to contact support, and they contact the compliance team and ask them to click the “allow” button so the user will be able to upload the KYC questionnaire and Service Applicant Declaration form through the level 2 verification page.