Relationships

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Definition

Legal entities are related to one or more individuals. Identifying, verifying and assessing individuals (also known as Know Your Customer ("KYC") associated with a legal entity is an essential part of a KYB process.

Relationships are part of a case in Ondorse. Two types of relationships are covered, natural persons and entities.

Natural persons

Natural persons can have multiple roles:

• Signatory: the individual acting on behalf of the legal entity and opening the account on its behalf. Only one person attached to a case can be the account owner.
• Shareholder: the individual directly owns a share of the equity in the company.
• UBO: ultimate Beneficiary Owner. UBOs are natural persons who ultimately own or manage a company.
• Director: officer of the company

A natural person can cumulate these roles.

A set of fields identifies natural persons.

Entities

Entities can have multiple roles:

• Director : Officer of the company
• Shareholder: An entity that owns a share of the equity in the company.

An entity can cumulate these roles.

Both natural persons and entities can have documents attached to them in a case. All modifications to relationships are logged in Activity, ensuring a clear audit trail.