Wallet screening with business verification
One request screens the wallet and verifies the company involved: business verification (KYB) and related checks sit beside the wallet result, each with its own result.
Who it is for: OTC desks, brokers, VASPs, custodians, corporate-service firms, family offices and escrow providers dealing with a company that sends or receives crypto.
Scenario: You are dealing with a company and want the wallet screened and the business verified in one request.
The problem
A wallet result describes an address. It does not tell you which company you are dealing with, or who owns and runs it. So the wallet is checked in one place, the company in another, and its officers and owners somewhere else again.
What can happen
- Company, ownership and wallet checks are collected separately and never line up in one file.
- A company check is read as if it said something about the wallet, or a wallet result as if it said something about the company.
- Showing what was checked about the business, and when, means assembling it from several places.
A better process
Compose one request. The wallet is screened when the request is created, and the company receives one invitation to complete business verification, with any related identity, ownership, AML, form or document steps your workflow includes.
How UMNIII Verify helps
UMNIII Verify keeps each check on its own track. The wallet has its own outcome and business verification has its own. The request also shows an overall outcome, which is kept separate from the result of every check beneath it.
Which Verify features help?
- Wallet Screening
- Screens the wallet your team entered when the request is created. The company completes its own steps and does not see the wallet screening.
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. - Business verification (KYB)
- Checks the company: a registry lookup where records are available, company documents, and the officers and beneficial owners the checks identify. It says nothing about the wallet’s history, and it does not establish that the company 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. - Identity verification
- Verifies an individual the workflow asks for, such as a director or a beneficial owner.
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.
Optional, added separately
- Standard AML screening: Where your workflow screens the individuals involved.
- Custom information forms: When your process also needs information the company 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 the workflow
- Begin in Wallet Checks and choose Wallet + Business Verification.
- The wallet screening is a fixed line. Business verification is not: it is held when you send and settled afterwards, so the quote shows the wallet line and the hold separately.
Step 2: Enter the wallet and invite the company
- Enter the network and wallet address yourself, then enter the email of the company contact so they receive one invitation.
- The wallet is screened when the request is created.
Step 3: The business completes its checks
- The company contact completes business verification. It cannot finish until the linked people and every other required step have been completed, so a request can stay open while a director or owner finishes their part.
- Forms and documents are collected in the same request where your workflow includes them.
Step 4: Understand how it is charged
- Wallet Screening is charged per wallet screened, as shown in the quote.
- Business verification starts from a stated price, a temporary hold is placed when the request is sent, and the final charge follows the checks that complete. Unused held credits are returned, and if the completed checks come to more than the hold, the additional credits are deducted.
Step 5: Read each result on its own
- The wallet reads Passed, Caution or Not passed. Business verification and any other check each show their own result.
- 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.
- A wallet that is Not passed never makes a passed business check look failed, and the overall outcome never replaces the result of a check.
Step 6: Keep the evidence
- Download the Wallet Screening Report and the request’s evidence pack. Where a separate report is available for another check, download it from that check. Every result is dated.
Next step
Follow these steps in UMNIII Verify.