Key Concepts

Entities

An entity refers to a single individual or organization within the FrankieOne platform that exists separately from other entities. Entities house information about the individual or organization, primarily any personally identifiable information (PII). All stored processes involving an entity, like a verification result, are stored separately from the entity.

Individual

An individual in the context of the FrankieOne platform refers to a single person who can be verified. Individuals can have service profiles, workflows, and risk assessments related to them, which are used to manage their lifecycle and compliance.

Workflows

A workflow is an end-to-end process that involves a series of steps that, when triggered, will enrich or verify stored entity information. Workflows are customizable and can be built to satisfy the customer’s compliance requirements.

Several steps that can be added to a workflow execution:

Know Your Customer (KYC) Verifications: verify the identity of clients to prevent fraud and comply with regulatory requirements
Anti-Money Laundering (AML) Screening (on roadmap)
Blocklist Checks (on roadmap)
Duplicate Checks (on roadmap)
Liveness Verification (on roadmap)
Facial Comparison Checks (on roadmap)
Document Validation Checks (on roadmap)
OCR Mismatch Checks (on roadmap)

Process Results

A process result is a granular piece of information that is used to determine the outcome of an action or step that has been performed. Typically, a process result represents the data retrieved from a 3rd party provider that is then validated by a workflow step to determine a successful or unsuccessful result.

For example, during a Know Your Customer (KYC) verification, third-party providers are consulted to verify if the provided individual’s information is present in recognized data sources, such as an Electoral Roll or Credit Header. Upon verification, if the entity’s provided name, date of birth, and address all correspond with a particular data source, three distinct process results will be generated: one each for the name, date of birth, and address. If matches are found across multiple data sources, additional process results will be generated for each match type across each data source. These process results are then evaluated by the KYC workflow step to determine whether the amount of matches meets the criteria defined in the policy you have defined.

In the context of Anti-Money Laundering (AML) screening, a process result will be generated for each potential match identified. These can then be subsequently marked as false positives or true positives on manual review.

Service Profiles

A service profile provides a concise overview of an entity’s progress within the context of a specific product or service. These profiles encompass various risk levels, workflows, and statuses. Consequently, a single entity can undergo distinct evaluation processes based on the product or service they are seeking.

For example, consider an individual applying for both a credit card and a home loan from a bank. While minimal background checks may suffice for the credit card application, stricter criteria apply to the home loan. Despite the unchanged identity of the individual, the success criteria differ based on the product type.

Similarly, business owners face varying assessments. Applying as an individual for a credit card may yield approval, but seeking a business loan as a sole trader involves additional considerations. In essence, the entity remains constant, while the evaluation criteria adapt to the specific product or service.

Multiple service profiles can be arranged at time of onboarding to accommodate this requirement.

Risks

FrankieOne utilizes granular risk metrics to determine a customer's risk profile and identify potential money laundering activities. Entities are scored on these risk factors during workflow execution with the cumulative risk score helping determine the overall risk level for that entity. Additionally, risk levels can influence the level of due diligence required. For instance, high-risk entities may undergo enhanced scrutiny.

Organizations can tailor risk factors to align with their specific compliance policies. You have the flexibility to add or remove risk elements based on your risk tolerance.

Several measurable risk factors include:

Personal Information: This includes details such as an individual’s age, place of residence, workplace or birthplace.
KYC: The status of the individual’s basic KYC checks - whether they passed, partially passed, or failed.
Identity Verification Flags: Any signs of suspicious behavior or issues related to identity during the identity verification process.
PEP/Sanctions: Occurrences where an individual is listed on a politically exposed persons or sanctions watchlist.
Negative News: Instances where an individual appears in unfavorable news articles
Duplicate Entities: Cases where parts of an entity are replicated from an existing entity, such as names, document numbers, phone numbers or email addresses
Blocked Entities: Situations where parts of the entity have been blocked, such as a name, phone number, address, email, etc.

Ultimately, the decision to accept or reject an entity lies with you. Assess risk carefully and decide whether you’re willing to onboard an entity deemed high risk based on the risk policy defined by you.

Issues

An issue refers to a problem encountered during the execution of a workflow that hinders its successful completion and necessitates manual intervention. This could encompass a wide range of scenarios, from a failed Know Your Customer (KYC) check during an entity’s onboarding process, to an entity appearing on an Anti-Money Laundering (AML) watchlist, or even technical failures such as the unavailability of data sources. Issues promptly provide information about the encountered problem and offer guidance on the subsequent steps to be taken.

It’s important to note that issues are only raised if a process has been executed. If a step within the workflow is skipped due to insufficient information or not meeting the necessary criteria for execution, no issues will be raised for that particular step. For instance, if basic KYC checks have not been passed, and the workflow has been configured to bypass AML screening in such cases, no issues will be generated.