Institutional Onboarding at Fractal ID

Understanding the process

The Institutional Onboarding at Fractal ID covers 6 elements:

• Identification of the Institution;

• Identification of the representative of the Institution;

• Assessment of whether the representative has powers to represent the Institution;

• Clarification of whether the Institution has Beneficial Owner(s);

• Identification of Beneficial Owner(s);

• Determining if the Beneficial Owner(s) is a PEP or confirmed to be in a Sanctions list (if existent);

• Determining if the Institution is registered or operates or if the Beneficial Owner(s) is resident in a high-risk country.

The following set of documents is collected from institutional customers to allow for the verification of the six elements set forth above:

• Institution’s commercial register or equivalent;

• Institution’s articles of association or equivalent;

• Institution’s shareholder’s list;

• Institution’s representative’s identification document;

• Power of attorney (If applicable);

• Identification documents and Proof of Address of the Beneficial Owner(s);

• Proof of principal place of business address;

• Transparency register entry (if applicable).

Fractal ID Operators will verify the Identity of the representative of the institution and assess whether they have powers to represent the institution (e.g. via power of attorney) while the institution’s information provided by the customer is checked against the documentation collected and clarification is made on whether the institution has Beneficial Owner(s) in accordance with the relevant beneficial ownership criteria.

Fractal ID investigation goes only to the extent enabled by the information contained in the documents requested from the institution as part of the onboarding journey. Once concluded who qualifies as a Beneficial Owner(s) of the institution, Fractal ID Operators will ascertain if they reside in any high-risk jurisdiction, are considered a PEP, or are confirmed to be on a Sanctions list. Additionally, the proof of the institution's principal place of business allows for the determination of whether the institution operates in a high-risk jurisdiction.