Account Status Events for KYCaaS

For partners who utilize Alpaca’s KYC service for opening brokerage accounts, if an account is moved to ACTION_REQUIRED or APPROVAL_PENDING then that indicates that additional action may be needed from you or your user to approve the account. These status updates, along with the reason for the status change, will be relayed in real time via the Account Status Events. The specific KYC results that may require action from your end user will wind up in ACCEPT, INDETERMINATE, or REJECT. The additional_information field will be used to relay custom messages from our account opening team. If a KYC result is returned via the ACCEPT object then no further action is needed to resolve the request. KYC results returned in the INDETERMINATE or REJECT objects will require further action before the account can be opened. The following tables can be used to determine what is required from the account opener.

Documentation Required

KYC Result Code	Government Issued ID Card	Tax ID Card	Statement (utility bill, etc.)	Selfie
IDENTITY_VERIFICATION	REQUIRED
TAX_IDENTIFICATION		REQUIRED
ADDRESS_VERIFICATION	OPTIONAL		OPTIONAL
DATE_OF_BIRTH	REQUIRED
SELFIE_VERIFICATION				REQUIRED

Additional Information Required

KYC Result Code	Additional Information Required
PEP	Job title / occupation and address
FAMILY_MEMBER_PEP	Name of politically exposed person if immediate family
CONTROL_PERSON	Company name, company address, and company email
AFFILIATED	Company / firm name, company / firm address, company / firm email
VISA_TYPE_OTHER	Visa type and expiration date
W8BEN_CORRECTION	An updated W8BEN form with corrected information
OTHER	For specific cases our operational team might return with a customized message within the additional_information attribute.