# Types of identity validation

Signicat offers two types of identity validation.

  • Information services: retrieve information about a customer or perform a one-time verification of the information they have provided, for example, confirming their address, business name, or finding out whether they are a politically exposed person (PEP).
  • Monitoring: receive periodic updates of a customer's attributes over time. If, for instance, a customer's address changes, you will be alerted.

These services are offered for both natural persons and organizations. The following tables show which attributes and countries are available for each service.

For details about what type of data you can retrieve, see Data about natural persons or Data about organizations

# Natural persons

Address PEP/sanction
Norway Information services and monitoring
Sweden Information services and monitoring
Denmark
Finland Monitoring
Netherlands
Belgium
Germany
United Kingdom

= Coming soon

# Organizations

Basic org. info Ownership (owners & shareholders) Ultimate Beneficiary Owner (UBO) Roles Authorizations Org. sanctions
Norway Information services Information services Information services Information services Information services
Sweden Information services Information services Information services
Denmark
Finland Information services Information services Information services
Netherlands
Belgium Information services Information services
Germany
United Kingdom

= Coming soon

# About data normalization

Our identity validation API gives you a standardized response, regardless of the country of origin of the data. In other words: you only need one API to validate data for different countries.

Note that non-normalized information services are being phased out, so we recommend that you integrate towards our normalized service if you are building a new integration. If you need more information, refer to Non-normalized information services.

# Data about natural persons

# Address

The physical address of the natural person.

# PEP / sanction lists

This attribute provides information about whether the person in question is a PEP (politically exposed person) or on a sanction list.

A politically exposed person is someone who has a prominent public function and, thus, presents a higher risk of involvement in, for example, bribery or corruption. Family members or close associates of such people are also considered PEPs. It is important to be aware of the PEP status of one's customers in order to apply any precautions that may be necessary.

Sanction lists are lists created by one or more countries or public bodies to apply commercial or financial penalties to individuals, groups, or entire countries. For example, the EU has sanctions which involve freezing the funds and economic resources of specific natural persons and organizations. In order to observe these restrictions properly, it is important to check that your customers are not included in any sanction lists.

Signicat currently covers the following standard sanction lists:

Sanction:

  • EU Consolidated list of persons, groups, and entities subject to EU financial sanctions.
  • UN consolidated
  • OFAC Specially Designated Nationals
  • HM Treasury - consolidated list of financial sanctions

Optionally, local national sanction lists can be enabled on request.

PEP:

  • The Acuris C6 global PEP list
  • PEP Edge (detailed coverage of Nordic PEPs, where Trapets is the editor)

# Data about organizations

# Basic information

This dataset contains standard information like trade names, address, organization type, legal status, and industry sector.

# Ownership

This attribute tells you who the owners of an organization are. Owners of an organization can be natural persons or other organizations.

# UBO

This attribute provides information about the Ultimate Beneficiary Owner of an organization (UBO). UBO is a term that is used to describe the natural person who is the ultimate effective owner of an organization, even if that person is not a direct owner of that organization.

For example, imagine a case where the company you need more information about is owned by another company, which is owned by a natural person. This UBO wouldn't appear in the ownership attribute, since they are not a direct owner of the company.

As defined by the 4th EU AML directive, a UBO is any natural person who:

  • holds at least 25% of the share capital, or
  • exercises at least 25% of the voting rights, or
  • is the beneficiary of at least 25% of the legal entity's capital

Establishing the UBO can be very cumbersome, especially when ownership is distributed over different countries or passes countries like Liechtenstein or Bermuda.

# Roles

Here you can find the personal details of natural persons who have a registered role in an organization. This includes board members and daily management.

# Authorizations

These attributes tell you about persons or organizations ("signees") who have been authorized to act on behalf of the organization on a certain matter ("mandate"). We identify 2 different types of authorizations:

  • Signing rights, covering people with authorization to sign and to act on behalf of the business in all matters.
  • Power of procuration, people with the authorization to sign and to act on behalf of the business in specific, limited matters.

For both types of authorizations, we try to generate all possible combinations of required persons to achieve a certain mandate. This makes it easy for you to do automatic checks on mandates. You could for example automatically check the validity of a signed document by checking the signees with the list we provide (for the applicable mandate). If we cannot establish the possible combinations of persons (for a specific mandate), we will inform you about the mandates of individual signees.

# Sanctions

This attribute tells you if the organization is mentioned on any sanction lists. Sanction lists are lists created by one or more countries to apply commercial or financial penalties to individuals, groups, or entire countries. For example, the EU has sanctions which involve freezing the funds and economic resources of specific natural persons and organizations. In order to observe these restrictions properly, it is important to check that your customers are not included in any sanction lists.

Last updated: 12/4/2020, 11:30:16 AM