Digital asset counterparty verification: one party or two
Verify one counterparty, or both parties, to a crypto transaction and screen each wallet, with consent, a choice of what you receive and separate results for every check.
Who it is for: OTC desks, brokers, VASPs, custodians, crypto-funded real estate businesses, escrow providers, family offices and high-value asset dealers.
Scenario: You are about to send crypto to, or accept it from, another party and want that party verified and the wallet address screened.
The problem
A crypto transaction involves two parties and two wallets, but the checks usually cover neither properly. Identity documents arrive by email, the wallet address arrives in a chat message, and the results end up in different places.
What can happen
- One side is checked and the other is assumed.
- The wallet address is copied out of a message thread, so nobody can be sure it is the address that was checked.
- There is no single record showing who was verified, which wallet was screened and when.
A better process
Verify one party or both as a single request or case. Each party receives their own invitation, agrees to what will be shared with you, completes their own checks and, where you asked for it, supplies the wallet address privately. Each wallet is screened and every result is kept together.
How UMNIII Verify helps
UMNIII Verify keeps every check on its own track and every party’s results apart. It is private, not anonymous: UMNIII verifies who each party is, and each party sees only what it is authorised to see, never the other party’s documents or personal data.
Which Verify features help?
- Wallet Screening
- Screens each wallet: the one you enter, or the one a party supplies in their own invitation. A counterparty never sees the wallet screening result.
Establishes: The risk signals reported for one wallet address on one network on the day it was screened: an overall risk level, a sanctions status and any risk flags, with the date.
Does not establish: It does not establish who owns or controls the wallet, and it is a point-in-time result, not monitoring. A result is for your own risk assessment and is not an approval of any transfer. - Identity verification
- Verifies an individual party. It says nothing about the wallet’s history, and it does not establish that the party controls a particular wallet.
Establishes: That a government-issued photo ID was checked for authenticity and matched to a live selfie of the person presenting it.
Does not establish: It does not establish an address, a right to work or rent, creditworthiness, a driving entitlement, or anything about a company. - Business verification (KYB)
- Checks a business party and its associated people. It does not assess the wallet, and it does not establish that the business controls a particular wallet.
Establishes: A company check: a registry lookup where records are available, company documents, and checks on the company’s associated people, its officers and beneficial owners.
Does not establish: It is not a credit check, and it does not decide whether to do business with the company. - Standard AML screening
- Screens an individual party for sanctions and politically exposed person status, where your workflow includes it.
Establishes: Whether the person appears on sanctions lists or politically exposed person (PEP) databases at the time of screening.
Does not establish: It does not include adverse media, and a result is information for your own decision rather than a decision.
Optional, added separately
- Custom information forms: When your process also needs information a party states.
- Document requests and uploads: When your process also needs supporting documents. An upload shows what was provided, not that a document is genuine.
How business verification is charged
- Business verification is not a fixed-price check. It starts at the starting price shown in UMNIII Verify.
- A temporary hold is placed when the request is sent.
- The final charge depends on the company and associated-person checks that actually complete.
- Unused held credits are returned to your available balance.
- If the completed checks come to more than the hold, the additional credits are deducted. A negative balance must be topped up before further paid work.
Step 1: Choose one party or both
- One party: if you are accepting crypto, you verify the sender and screen the source wallet. If you are sending crypto, you verify the recipient and screen the destination wallet.
- Two parties: you verify both parties and screen both wallets as a single case, for individual to individual, individual to business or business to business transactions.
- The checks follow the party. An individual is verified with identity verification, with AML screening where you require it. A business is verified with business verification.
Step 2: Decide who supplies each wallet
- You can enter the wallet address yourself. It is screened when the request is created, and the party is shown it in masked form when they are asked to consent.
- Or you can ask the party to provide it privately in their own invitation, so it does not pass through email or chat. It is screened when they submit it, and you see exactly what they submitted, in full, so you can compare it with the address you intend to use.
- Either way, an address a party supplies is still only an address they gave you. Screening it does not prove they control it.
Step 3: Choose what you receive about each party
- Outcome only is the default: the kind of party, the name you entered and the outcome with its date.
- You can instead ask for whether the name they gave matches, the verified name, or, for authorised business workflows only, full evidence.
- A party can agree to share more than you asked for. They can never share less.
Step 4: Each party agrees, then completes their checks
- Each party is told who is asking, which side of the transfer they are on and what you will receive, and agrees or declines before they start.
- They then complete their own checks, and supply the wallet address if you asked them to.
- A party that declines is not verified, and nothing about them is released.
Step 5: Read the results separately
- Each wallet shows Passed, Caution or Not passed. Each identity, business and AML check shows its own result. A counterparty never sees its own wallet outcome.
- The overall outcome reads Pending while any check can still run, complete or be retried. After that it reads Attention if any check failed, Unable to complete if any check could not be completed, Caution if the wallet reads Caution, and Passed when every check passed.
- The overall outcome never replaces the result of a check.
Step 6: Keep the evidence
- Every result is dated. Download each wallet’s Wallet Screening Report and the evidence pack for each verification request. Where a separate report is available for another check, download it from that check.
- Reports are for your own risk assessment. They are not for sharing with the counterparty.
Next step
Follow these steps in UMNIII Verify.