Understanding the Platform Structure
VerifiMe is designed to accommodate different client types (Accounting Firms, Legal Practices, Fund Managers) and recognises that identification requirements vary across:
Different client types
Different clients within the same industry
Different sub-entities within your organisation (such as customer types or individual funds)
The platform's flexibility ensures you can configure rules at the sub-entity level to match your specific needs, including your AML/CTF Program requirements where applicable.
How Rules and Sub-Entities Work
Sub-Entities: Customer permissions and rules are assigned at the sub-entity level rather than at your main entity level. This means you can have different rules for different customer types, funds, or business units within your organisation.
Example: A fund manager might establish the following sub-entities:
Growth Equity Fund
Property Investment Fund
Fixed Income Fund
Each fund can have its own rule set tailored to the specific investor types and risk profile associated with that fund.
Multiple Rules: Each sub-entity can have multiple rules applied to it, allowing you to address various risk scenarios and compliance requirements.
Example: Within the "Growth Equity Fund" sub-entity, you might configure multiple rules such as:
Rule 1: Politically Exposed Person (PEP) Match
Rule 2: Corporate Investors
Rule 3: Trust Structures
Rule 4: Foreign Investors from High-Risk Jurisdictions
Each rule addresses different identification requirements and risk considerations relevant to that investor category.
Sub-entity Rules configuration:
Components of a Rule
Each rule you create contains the following elements:
Title – A clear name for the rule
Description – An explanation of what the rule addresses
Rule Criteria – The specific conditions that trigger this rule
Inherent Risk Level – The risk level before any mitigation actions (nominated by you)
Residual Risk Level – The target risk level after mitigation measures are applied (nominated by you)
Mitigant Template(s) – At least one template outlining how to reduce the risk (multiple templates are supported)
Specific Rule Configuration:
Mitigant Templates
Each mitigant template includes:
Title – A name for the mitigation approach
Description – Step-by-step instructions for the process your team should follow to reduce the inherent risk to your target residual risk level
Documentation Field – A free text area where you can record the date, details of actions taken, and the outcome of the mitigation process
Sub-entity mitigant configuration list:
Specific Mitigation set up:
Running Assessments
An Assessment is the process of testing a customer against your configured rule set. You can run and re-run assessments as needed according to your instructions within the platform. This allows you to verify compliance and risk mitigation at any point in the customer lifecycle.
Risk Assessment of individual client:
Configuration Process
Before your rules are finalised in the system, all text and rule criteria must be reviewed and approved by your organisation. We recommend:
Reviewing the sample rule structure in your initial set up
Determining which sub-entities require distinct rule sets
Identifying the inherent and residual risk levels appropriate for your risk appetite
Drafting clear mitigant descriptions that your team can follow consistently
Providing formal approval before implementation
For assistance with configuration or questions about setting up your rules, please contact our support team.