USD onboarding guide

Overview

Note: Before starting the onboarding make sure that the Customer is Approved/Auto-approved by Lorum first

The USD account onboarding process differs based on customer type:

Individual Customers: 5-step process
Business Customers: 7-step process (requires at least one onboarded shareholder as individual customer)

Individual Customer Onboarding

Step 1: Provide Currency-Specific Data

For New Customers

Create a new individual customer with USD-specific information using the Add Individual API:

Documentation: <https://docs.lorum.com/reference/add_individual>

Include all required fields along with USD-specific data in your request.

For Existing Customers

Update existing customer profiles with USD-specific data using the Update Customer API.

Documentation: <https://docs.lorum.com/reference/update_customer>

Step 2: Upload Required Documents

Documentation: <https://docs.lorum.com/reference/upload_document>

Upload the following documents using the Upload Document API:

1. Identity Verification Biometrics

Document Type: identity_verification_biometrics
Description: Biometric identity verification document

2. Proof of Address

Must be dated within the last 90 days. Acceptable documents include:

Utility Bill
- Document Type: proof_of_address
Bank Statement
- Document Type: bank_statement
Government-Issued Document
- Document Type: proof_of_address

Step 3: Link Documents to Customer

Link the uploaded documents to the customer profile.

Documentation: <https://docs.lorum.com/reference/link_document>

Step 4: Trigger Onboarding Process

Once all documents are uploaded and linked, initiate the onboarding process using the Onboarding API.

Documentation: <https://docs.lorum.com/reference/onboard_customer>

Step 5: Verification & Approval

Wait for the verification process to complete. You'll receive notification once the USD onboarding is approved and ready for use.

Note: To receive onboarding status notifications, the organization admin must enable the Onboarding webhook category in in the Lorum portal, under Settings > App.

Business Customer Onboarding

Prerequisites

You must identify the individual(s) who collectively hold 51% or more ownership in the business. This may be:

A single individual UBO (Ultimate Beneficial Owner) with at least 51% ownership, OR
Multiple individual UBOs whose combined ownership meets or exceeds 51%

All identified UBOs must be fully onboarded for USD (following the Individual Customer process above) before being added as shareholders.

Step 1: Provide Currency-Specific Data

For New Business Customers

Create a new business customer with USD-specific information using the Add Business API:

Documentation: <https://docs.lorum.com/reference/add_business>

Important: Registration date is required for USD onboarding.

For Existing Business Customers

Update existing business profiles with USD-specific data using the Update Customer API.

Documentation: <https://docs.lorum.com/reference/update_customer>

Step 2: Add USD-Onboarded Shareholder(s)

Add the USD-onboarded individual(s) as shareholder(s) to meet the ownership requirement:

Documentation: <https://docs.lorum.com/reference/add_shareholder_v2>

Requirements:

All shareholders must be fully onboarded for USD as individuals
The total ownership of USD-onboarded shareholders must be 51% or greater
You may add:
- Single shareholder: One individual with ≥51% ownership
- Multiple shareholders: Multiple individuals whose combined ownership ≥51%

Example Scenarios:

One shareholder with 60% ownership ✓
Two shareholders with 30% + 25% ownership (55% total) ✓
Three shareholders with 20% + 20% + 15% ownership (55% total) ✓

Step 3: Upload Mandatory Documents For All Business Customers

1. Proof of Address

Documentation: <https://docs.lorum.com/reference/upload_document>

Upload proof of address for the business location. Document must be dated within the last 90 days.

Acceptable documents include:

Utility Bill
- Document Type: proof_of_address
Bank Statement
- Document Type: bank_statement
Government-Issued Document
- Document Type: proof_of_address

2. Articles of Association

A legal document that sets out a company’s governance rules, shareholder rights, and internal operating structure.

3. Financial Statements

Official records of a company’s financial performance, typically including balance sheet, income statement, and cash flow statement.

4. Incorporation Certificate

An official certificate issued by the company’s registry confirming the legal formation of the business.

5. Source of funds

Documentation showing the legitimate origin of the funds used by the business, such as bank statements or investment records.

Step 4: Upload Mandatory Documents For All Financial Institutions

Businesses with the following industry codes are classed as financial institutions and will require addition documents to be uploaded.

521110 - Monetary Authorities-Central Bank
522119 - Commercial Banking
523150 - Investment Banking and Securities Intermediation
522320 - Financial Transactions Processing, Reserve, and Clearinghouse Activities

The following additional documents are required to be uploaded:

1. AML CFT Sanctions Policy

A formal policy outlining the company’s procedures for preventing money laundering, terrorist financing, and sanctions breaches.

2. AML CFT Sanctions Audit

An independent audit report assessing the effectiveness of the company’s AML, CFT, and sanctions controls.

3. Regulatory License

An official licence issued by the relevant regulator authorising the company to conduct regulated financial activities.

4. Compliance Officer Resume

A résumé or CV demonstrating the qualifications and experience of the company’s appointed Compliance Officer.

5. Share Certificate

An official certificate issued by the company showing ownership of its shares and the registered shareholders.

6. Wolfsberg Questionairre

A standard due-diligence questionnaire covering the company’s financial crime controls, based on the Wolfsberg Group framework.

Step 5: Link Document to Customer

Link the uploaded business proof of address to the business customer profile.

Documentation: <https://docs.lorum.com/reference/link_document>

Step 6: Trigger Onboarding Process

Once all requirements are met, initiate the business onboarding process using the Onboarding API.

Documentation: <https://docs.lorum.com/reference/onboard_customer>

Step 7: Verification & Approval

Wait for the verification process to complete. You'll receive notification once the business USD onboarding is approved and ready for use.

Note: To receive onboarding status notifications, the organization admin must enable the Onboarding webhook category in in the Lorum portal, under Settings > App.

Important Notes

Document Requirements

All proof of address documents must be dated within the last 90 days
Documents must be clear, legible, and show complete information
Accepted formats typically include PDF, JPEG
File size limit is 10 MB

Support

For additional assistance or questions about the USD onboarding process:

Consult the full API documentation at <https://docs.lorum.com>
Contact technical support for integration issues