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 an application 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 an application 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 an applications. All modifications to relationships are logged in Activity, ensuring a clear audit trail.