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Data model

Updated on June 11, 2021

Multiple roles configuration

In an organization, related parties are governed by and are entitled to only those privileges that their roles dictate. A related party can be associated with the customer in more than one role.

For example, a party can be a beneficiary and at the same time can also be a primary contact.

The solution allows you to add a party and list down all the roles and their specific attributes within the same relationship, thereby making it easy to view and maintain the relationship.

Directional relationship

It is important to know the direction of a related party relationship while performing due diligence process. To make an association with the related party easy to understand, use a simple English format.

The system identifies two distinct relationships, Is or Has, that represent how a related party is associated with the contracting party in a given role and relationship.

For example, if you add Y as a party to X, the relationship has the following view:

For example: Party Y:

Is a Beneficiary of X

Is a Primary Contact of X

Direct and indirect relationships

After you add a related party to a customer, it is essential to evaluate the related parties that the related party in question might have so that the system carries out the required due diligence procedures and considers the associated risk. The solutions represent such relationships on the related party grid by marking them as indirect.

When you add an existing related party Y to a contracting party X, the system navigates the entire relationship network. All related parties that are KYC significant and associated with Y or any related parties are brought in and associated with the contracting party. This logic is executed at each level until the system reaches the last related party in the network.

You can also manually add indirect related parties to a contracting party by selecting an intermediary party from the list of related parties that are added and already associated with the customer.

Enforced pairs

There are certain roles that have a corresponding implied role. Such implied roles are called enforced pairs and can typically be represented in a pair of Is and Has roles.

When you add or update related parties to have a particular role, the system detects any implied roles and automatically adds them to the relationship. For example, the party Y as a majority shareholder in the party X implies that X is a subsidiary of Y. For the relationships of the enforced pairs, see the following example:

For example: Party Y:

Is a Majority Shareholder of X

Has X as Subsidiary

Attributes aggregation and evaluation

Each role comes with its own set of attributes like percentage of ownership, KYC significance, controlling nature, and so on. The terms of association of the related party to a contracting party are a consolidation of all the attributes that each of these roles may bring.

For example, a party Y can be a Minority Shareholder for Contracting party X with 10 percent ownership and may own 15 percent in X through its relationship with Z. The party Y, therefore, becomes a 25 percent owner and may hence be evaluated to be KYC significant or deemed controlling and be subject to due diligence.

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