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Company associates onboarding

As part of a product application, you may want to onboard a company’s associates, like officers, trustees, or authorized persons. You may also want to uncover entities with a more indirect relationship with the company, such as controlling shareholders, beneficial owners, or the global ultimate owner.

Use a verification list to verify and approve associates.

Officer verification list showing one individual active officer.

There are five tasks with verification lists:

  • Identify officers: Provides the Officer verification list where you can verify and approve a company’s key decision makers at board level, for example, directors and company secretaries.

  • Identify shareholders: Provides the Shareholder verification list where you can verify and approve a company’s shareholders (who can be individuals or companies) with significant voting rights and control.

  • Identify trustees: Provides the Trustee verification list where you can verify and approve a charity’s key decision makers at board level, for example, chairs and secretaries.

  • Identify authorized persons: Provides the Authorized persons verification list where you can verify and approve the individuals who are authorized to purchase and, where relevant, use the product on behalf of the company.

  • Assess company ownership: Provides the Ownership verification list where you can find and verify entities with ownership and control of the onboarded company.

When one of the preceding tasks is added to an application:

  1. Initially, the task’s verification list is empty. Associates can be added to the verification list manually. The Identify officers, Identify shareholders, Identify trustees, and Assess company ownership tasks can also be configured so associates are added automatically.

  2. Every time an associate is added to the verification list, a profile is created for that associate. On the associate’s profile, the associate’s due diligence tasks are passed/failed and the associate is approved/rejected.

  3. The task is passed/failed. You can configure the task to pass automatically when a specified number of associates are approved.

  4. Some data providers also offer ongoing monitoring to check for new or updated information about the associates. If any new results are discovered, a new task version is created which shows the updated information, and this task version will need to be passed before the product application can be re-approved. Note that the new task version cannot be configured to pass automatically. To learn whether ongoing monitoring can be configured, check the article for your data provider.

To learn more about this process, see About the associates verification list.

Once associates are onboarded, they're monitored for any changes that mean they are no longer approved for the product application, for example, a new PEPs match is found. Learn what changes are monitored.

If the application status of an associate's profile changes, the task with the verification list becomes incomplete and the product application goes into review. Learn what happens to product applications in review.

Tasks with verification lists can always be passed manually, even if there are associates on the verification list who are not approved.

Additional information