Learn more about Striga's Due Diligence and Compliance Processes

Striga is responsible for performing and operating the customer identification process (only for European users). Conditions of the persons are commonly known as Know Your Customer (KYC) requirements.

As a Striga’s partner, you need to obtain information of every person onboarded by your application on the Striga platform, nevertheless of past or existing relationships with the user.

The KYC requirements that the company must meet are:

1. Collecting information about the person
2. Providing information of the person

• Full Legal Name
• Date of birth
• Residential address
• Phone Number
• European Identification Card , European Residence Permit, or Passport Number

Striga takes care of the complexity around the needed KYC burdens associated with a user. Managing the details of a user’s verification is challenging and needs regular monitoring and diligence. Here are the steps that the company needs to perform to complete the KYC process for the user with Striga’s API:

• Collect the user’s required information
• Verify the user’s email address
• Verify the user’s mobile number
• Start a KYC with Striga
• Retrieve and operate on the KYC result

• Approved: Striga can verify the user based on the information provided. With this, the person’s KYC is approved, and no additional action is required.
• Review: Striga is unable to verify the person based on the information provided. With this, the person’s KYC needs additional review. While reviewing, Striga may require further documentation to confirm the user’s identity. User’s KYC status post the review changes to Approved or Declined.
• Declined: Striga declines the KYC, based on the person’s information provided.

For current users, and as required by the new regulations VASP license, we are obliged to process the KYC for the entire accounts.
For new users, they would pass through the KYC process using Striga’s due diligence flow.

As we are pursuing the VASP license in Estonia, the new regulations announced by the FAU oblige Striga to handle and manage all the compliance parts including verifying and checking all the end-users information