As discussed in the Parties section our hierarchical data model facilitates ease in navigating relationships for conducting CIP and Accreditation verifications. In this segment, we'll delve into how to initiate these verifications and under what circumstances re-verification of parties and accounts may be necessary. This systematic approach ensures the consistent application of compliance checks across our platform.

Party Verification Sessions

Our platform features a flexible and auditable abstraction known as "Verification Sessions." Each session represents a self-contained unit of work that is directly tied to the parties involved. Much like the hierarchical structure of parties, verification sessions also have their own hierarchy, with each session established at the party level acting as a central pivot point.

All verification processes are initiated at the party level and depend on the party's current verification status. If a party has already been verified for the type of verification being initiated, it will be bypassed. If verification fails, you will receive a human-readable error message alongside a machine-readable error code. These insights can assist you in adjusting party-level information and uploading additional documentation as needed.

Consider the case of a legal entity with individual Ultimate Beneficial Owners (UBOs). When a verification process is initiated for this entity party, a separate verification session is established for each individual UBO. If the verification of any individual UBO is unsuccessful, then the overall verification of the entity is also deemed unsuccessful. In such scenarios, you have the option to modify the information at the party level or furnish additional documents to validate the verification type, and then initiate a fresh verification session.

{
  "id": "73685128-0910-415f-9d47-34845e543451",
  "verification_type": "identity",
  "status": "not_started",
  "status_error_message": null,
  "status_error_code": null,
  "account_id": "1c46a6df-dcce-4ebb-af5b-b3e18d230d6e",
  "related_sessions": [
    {
      "id": "f82d295b-af4f-4d73-aa15-08083f577f94",
      "verification_type": "identity",
      "status": "not_started",
      "status_error_message": null,
      "status_error_code": null,
      "verification_results": [],
      "party_id": "d09192f2-5008-4062-8851-78afd7e5a13c",
      "created_at": "2023-05-26T16:09:30.099747Z",
      "updated_at": "2023-05-26T16:09:30.100764Z",
      "started_at": null
    }
  ],
  "created_at": "2023-05-26T16:09:30.014276Z",
  "updated_at": "2023-05-26T16:09:30.015084Z",
  "started_at": null
}

{
  "id": "73685128-0910-415f-9d47-34845e543451",
  "verification_type": "identity",
  "status": "pending",
  "status_error_message": null,
  "status_error_code": null,
  "account_id": "1c46a6df-dcce-4ebb-af5b-b3e18d230d6e",
  "related_sessions": [
    {
      "id": "f82d295b-af4f-4d73-aa15-08083f577f94",
      "verification_type": "identity",
      "status": "pending",
      "status_error_message": null,
      "status_error_code": null,
      "verification_results": [
        {
          "verification_subtype": "personal_information",
          "status": "approved",
          "status_error_message": null,
          "status_error_code": null
        },
        {
          "verification_subtype": "document_information",
          "status": "pending",
          "status_error_message": null,
          "status_error_code": null
        },
        {
          "verification_subtype": "risk",
          "status": "pending",
          "status_error_message": null,
          "status_error_code": null
        },
        {
          "verification_subtype": "aml",
          "status": "pending",
          "status_error_message": null,
          "status_error_code": null
        }
      ],
      "party_id": "d09192f2-5008-4062-8851-78afd7e5a13c",
      "created_at": "2023-05-26T16:09:30.099747Z",
      "updated_at": "2023-05-26T16:09:30.100764Z",
      "started_at": "2023-05-26T16:09:30.801764Z"
    }
  ],
  "created_at": "2023-05-26T16:09:30.014276Z",
  "updated_at": "2023-05-26T16:09:30.801764Z",
  "started_at": "2023-05-26T16:09:30.801764Z"
}

{
  "id": "73685128-0910-415f-9d47-34845e543451",
  "verification_type": "identity",
  "status": "approved",
  "status_error_message": null,
  "status_error_code": null,
  "account_id": "1c46a6df-dcce-4ebb-af5b-b3e18d230d6e",
  "related_sessions": [
    {
      "id": "f82d295b-af4f-4d73-aa15-08083f577f94",
      "verification_type": "identity",
      "status": "approved",
      "status_error_message": null,
      "status_error_code": null,
      "verification_results": [
        {
          "verification_subtype": "personal_information",
          "status": "approved",
          "status_error_message": null,
          "status_error_code": null
        },
        {
          "verification_subtype": "document_information",
          "status": "approved",
          "status_error_message": null,
          "status_error_code": null
        },
        {
          "verification_subtype": "risk",
          "status": "approved",
          "status_error_message": null,
          "status_error_code": null
        },
        {
          "verification_subtype": "aml",
          "status": "approved",
          "status_error_message": null,
          "status_error_code": null
        }
      ],
      "party_id": "d09192f2-5008-4062-8851-78afd7e5a13c",
      "created_at": "2023-05-26T16:09:30.099747Z",
      "updated_at": "2023-05-26T16:09:30.100764Z",
      "started_at": "2023-05-26T16:09:30.801764Z"
    }
  ],
  "created_at": "2023-05-26T16:09:30.014276Z",
  "updated_at": "2023-05-26T16:09:30.801764Z",
  "started_at": "2023-05-26T16:09:30.801764Z"
}

{
  "id": "73685128-0910-415f-9d47-34845e543451",
  "verification_type": "identity",
  "status": "failed",
  "status_error_message": null,
  "status_error_code": null,
  "account_id": "1c46a6df-dcce-4ebb-af5b-b3e18d230d6e",
  "related_sessions": [
    {
      "id": "f82d295b-af4f-4d73-aa15-08083f577f94",
      "verification_type": "identity",
      "status": "failed",
      "status_error_message": null,
      "status_error_code": null,
      "verification_results": [
        {
          "verification_subtype": "personal_information",
          "status": "approved",
          "status_error_message": null,
          "status_error_code": null
        },
        {
          "verification_subtype": "document_information",
          "status": "approved",
          "status_error_message": null,
          "status_error_code": null
        },
        {
          "verification_subtype": "risk",
          "status": "failed",
          "status_error_message": "Party from sanctioned country",
          "status_error_code": "risk_sanctions"
        },
        {
          "verification_subtype": "aml",
          "status": "failed",
          "status_error_message": "PEP verification flag breaching threshold",
          "status_error_code": "aml_pep"
        }
      ],
      "party_id": "d09192f2-5008-4062-8851-78afd7e5a13c",
      "created_at": "2023-05-26T16:09:30.099747Z",
      "updated_at": "2023-05-26T16:09:30.100764Z",
      "started_at": "2023-05-26T16:09:30.801764Z"
    }
  ],
  "created_at": "2023-05-26T16:09:30.014276Z",
  "updated_at": "2023-05-26T16:09:30.801764Z",
  "started_at": "2023-05-26T16:09:30.801764Z"
}

Verification Session Invalidation

Any modifications to the investor profile can potentially lead to the invalidation of previously approved verifications. In such scenarios, you'll need to initiate a new verification session.

Leverage your KYC and AML

We understand that you might have already executed KYC and AML verifications. To make the most out of this, we can collaborate to extract the necessary information from your current provider. Alternatively, you can furnish us with evidence of the verification. However, to ensure compliance and quality, we'll need to assess your existing KYC and AML program.

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