What Is A Soft Match?

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Question

Why does this user have a watchlist status of SOFT_MATCH, or SOFT_MATCH|PENDING_UPLOAD?

Answer

SOFT_MATCH
  • The user is a potential match on the OFAC Sanctions list
  • If a user has a watchlist status of SOFT_MATCH - no further action is needed to resolve the issue.
    • Our team will review any users with the SOFT_MATCH status to clear them from the Sanctions list as a false-positive (when applicable).
  • If a user is a true match on the Sanctions list, we cannot offer banking services.
SOFT_MATCH|PENDING_UPLOAD
  • The user is a potential match on the OFAC Sanctions list, and additional KYC is required.
  • In order for us to screen the user against the Sanctions list, we require additional KYC uploaded to the user's account
    • If the account type is 'Personal' - upload a Photo ID
    • If the account type is 'Business' - upload an EIN Document
  • Once the relevant KYC document is uploaded, the user will be placed in a queue for our Compliance team to review and clear them from the Sanctions list, when applicable.
  • This article explains how to upload KYC via the Dashboard

 

More information about Sanctions Lists can be found here.

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