Accreditation Verification Process #

General Functionality #

• Users must upload accreditation information to verify their accreditation level to get their investments processed.
• Users can initiate the accreditation process by finding the accreditation start button in the user area or the Accreditation section in the post-investment actions section. Later they can find appropriate accreditation status there.
• The accreditation verification process is managed by North Capital. But could be managed by another provider. In case of NC Accreditaiton Uploaded documents (if uploaded )are attached to appropriate Account at North Capital. Accreditation verification request is sent to NC.
• We offer the documentation method to pass accreditation:
  • Users are given a list of required documents and a description of what they are.
  • Users have a button through which they can upload a template for the letter.
  • Users can upload up to 6 documents.
  • Users are allowed to provide some comment about their documents in an additional field.
  • Users are allowed to upload requested documents in a number of various formats: .pdf, .jpg, .jpeg, .png.
  • Allowed size per document : 10mb
• Based on the documents provided (365 days for income type, 90 days for others) accreditation provider returns type of accreditaiton to calculate expiration date of accreditaiton approval.
• Once accreditation is expired user is not accredited anymore and sees initial accreditation state- New status & Start button.

Accreditation statuses #

The accreditation process can result in the following statuses (internal statuses described):

Accreditation North Capital Flow #

• When a user provides accreditation information for a new profile during the investment process (after completing an investment) or from the user area, we submit a request to NC for Accreditation verification, which then assumes a pending status.
• If a user initiates another new investment with n ptofile that has an Accreditation status of pending, they will see previously uploaded documents/CRD at the accreditation step and can proceed without uploading additional documents (or can upload more if the number of previously uploaded documents is fewer than 6) or CRD. The accreditation form used for the initial accreditation request is accessible at this step.
• If NC declines accreditation for a profile after review, the Accreditation step for future investments with this profile will show empty documents (the documents form is the default) and will require new submissions. The accreditation status is then need_more_info or rejected.
• When a user uploads additional accreditation information upon NC’s request (at the accreditation step of a new investment, in the Portfolio-funding tab, or on the user area), the Accreditation status changes to new_info_added, and we submit another review request to NC.
• Once NC approves the accreditation, the status updates to approved, and the user is exempt from uploading additional information for a certain period (either 90 or 365 days, as specified).
• If the accreditation expires, for a new investment, the user will encounter an empty Accreditation step that requires completion by uploading new information. Once the investment is confirmed, the Accreditation status reverts to new_info_added, prompting another verification request to NC.

Accredited Case #

• Upon receiving Accredited status for an investment profile, an investor is granted a period of accreditation validity for either 90 or 365 days, during which they are not required to re-confirm accreditation. (The verification period is determined by NC, with 365 days for income verification, and 90 days for other criteria).
• After the accredited period expires, the investor must re-approve Accreditation either in the post-investment flow or in the user area.

Accreditation sharing #

• NC provides functionality to share accreditation between profiles with the following types: individual/SDIRA/Solo401k. From NC side all user’s profiles with these types will have the same Account_ID/PArty ID/Link ID so accreditation status will be the same(as well as AIReqiest ID). Note: KYC should be passed for each profile separately.
• So when new profile is being created - system checks if any profile with sharable type exists already on NC end to re-use their data and link new profile to the same instance on NC end.

Test notes #

To set needed status of accreditaiton in NC:

Request to NC #

curl -XPOST 'https://escrow-api.webdevelop.us/accreditation/update_status?api_key=fff3508a879365abd9d5cabe60529036'  -H  'content-type: application/json' -d '{ "accountId": ["<Account ID>"], "airequestId": ["<airequestId>"], "aiRequestStatus": ["<Accreditation status>"], "accreditedStatus": ["Verified Accredited"]}'   --compressed

where status is need more info/rejested/approved

Manual way #

1. Under the user send accreditaiton documents using accreditaiton form - it will attach docs to NC and will send request to NC for accreditaiton reviewal (AiVerificaitonRequest / AiUpdateRequest)
2. Open NC sandbox, find needed account. open details -> Accreditation Verififcation tab
3. Click Edit - choose any status, open the item in dev-tools->elements. For choosed status change value to say needed status (need more info/rejested/approved), click submit for the form.