Step 4: Verify the information

All forms are in and the client is at Pending verification. Now it’s the account manager’s turn: checking that what was supplied is complete and matches the documents. In BECCO Trust this happens per party, through a short verification wizard that ends in the Information verified flag.

The Information verified column

The party list on the client’s Information tab has an Information verified column with a Yes/No switch per party, and the date it was set underneath. That switch drives the whole step:

• Setting it to Yes opens the verification wizard described below. The flag is only set once you have worked through every screen.
• Setting it back to No happens immediately, without a wizard.
• The switch is only available while the party is at Pending verification or further, and it requires the permission to update client compliance information.
• For a linked party the column shows the value from the source client and cannot be changed here.

As soon as a party is verified, its status becomes Pending compliance. When every party is verified, the client’s status becomes Pending compliance too, and screening becomes possible.

Verifying a natural person

Switching Information verified to Yes on a person opens a four-screen wizard. Each screen shows the relevant uploaded documents next to the questions, so you can read the document and answer in the same view. Every question must be answered affirmatively before you can continue.

1. Verify passport information, with the identity document on screen:

   • Is this an original and certified true copy of the ID document?
   • Passport number, date of issue, date of expiration, place of issue, country of issue and nationality. These fields are pre-filled from the form; correct them against the document where needed.

2. Verify address verification, with the proof of address on screen:

   • Is this an original or certified true copy of a utility bill showing the applicant’s current address or any document verifying the residential address?
   • Does the address verification belong to the person in question?
   • Is this address verification not older than three months?

3. Verify tax documentation, with the tax documentation on screen:

   • Is the tax ID number linked to the relevant party?

4. Verify bank reference / bank statement, with the bank reference on screen:

   • Is this an original or certified true copy of a credit institution/bank reference?
   • Is the bank reference recent (no older than six months)?
   • Is the bank account number linked to the relevant party?

   Finish with Complete verification.

Verifying a company

For a legal entity the wizard has three screens instead:

1. Verify chamber of commerce information, with the chamber of commerce extract on screen:

   • The chamber of commerce number.
   • Have you identified the management?

2. Verify establishment information, with the deed of incorporation on screen:

   • The establishment date.

3. Verify shareholder information, with the shareholders register on screen:

   • Have all shareholders been identified?

   Finish with Complete verification.

What gets saved

The answers and corrected fields are written onto the party record, so the passport number, expiry date, chamber of commerce number and establishment date you confirm here become the values in the file and in every export. The party is stamped with Information verified and today’s date, an entry is added to the Audit trail, and the party status moves to Pending compliance.

Unlocking a form undoes the verification

If you unlock a party’s form so they can change something, the Information verified flag and its date are cleared automatically. The party drops back and the wizard has to be completed again after the new version is signed: a verification always belongs to one specific version of the information.

The other indicators in the party list

The party list carries four more columns per party:

Column	What it shows
UBO	Read-only. Automatically Yes for a shareholder whose interest through the whole chain is 10% or more.
PEP	Whether the person is a politically exposed person. Set automatically by screening, and adjustable by hand for natural persons. The date of the last change is shown underneath.
Sanction hit	Whether the person or company appears on a sanction list. Also set by screening and adjustable by hand.
Reports	The number of screening reports stored for this party; the button opens them.

Before you move on

Check that the file is genuinely complete before handing it to compliance:

• Every party is at Pending verification or further, and the Documents tab shows no missing required documents. See Managing documents.
• The client’s own company details are filled in on the Information tab: legal name, legal form, registration number, country of statutory seat, tax identification number and date of incorporation. Use Update information on the company card to edit them.
• Every party you want assessed is actually in the file, including any stakeholders.

Continue with Step 5: Screening.