General Terms
Associated Parties
They are entities (individuals or businesses) linked to a business in your portfolio. This includes, directors, shareholders, affiliated companies... etc.
Business Line
A business line is a tool that you can use to create categories to group and organize your clients within your company's portfolios. This helps in efficient organization and management.
Client
Refers to any user who joins a portfolio.
Company
As a business, you can set up your own company in Simur Studio, upload all the required legal documentation, and then create portfolios to manage your clients efficiently.
Dashboard
The 'Dashboard' tab in Simur Studio provides a comprehensive overview of your companies, portfolios' information and all the activity related to them.
Documents
Records that contain written and graphical information. The 'Documents' tab on the Simur Studio includes documents such as Personal ID, Passport, Driver's License, invoices, certificates and contracts.
When you need to request a document from your clients you will do it through Flows.
Entity
We will use the term Entity to refer to individuals (clients, administrators, team members and other users) as well as companies, whether they are individual companies or a group of companies.
Flow
A Flow refers to the structured process of gathering information and documents from clients who join a specific Portfolio.
Assessing a client's risk for your business involves a series of questions or requirements, along with the necessary documentation or contact information.
Permissions
Rights and privileges granted to entities for managing a Relationship with another entity.
Administrators can assign permissions based on the roles of the entities involved in the relationship.
While Permissions and Roles are closely related to each other, they are different terms. Permissions control what actions the users assigned to those roles can take. These permissions include Read, Contributor, and Admin.
Portfolio
Management tool designed to help you organize your clients.
Portfolio Team
Tool that allows you to invite users and assign them different roles to help you manage your Portfolio clients.
Relationships
Connections or associations between different entities. Any entity may assume a specific role in a relationship with another entity.
Risk Questions
These are client-related questions that will impact the risk generated for your company.
When a client joins a Portfolio, you can create flows and request information that includes specific risk-related questions. This process can be customized to suit your business needs. The questions will be sent to your clients under your company's name, and they will receive them through the app. The potential risk impact generated by the answers will be assessed accordingly.
Role
A set of responsibilities or functions that can be assigned to different entities in Simur Studio. Users are assigned to specific roles based on their job functions or responsibilities, such as manager, director, or any other role.
Simur Studio
Simur Studio is a web-based platform focused on the operational management of your customers, centralizing processes such as inviting them to a portfolio, requesting documentation, assessing risks...
Tasks
Pending actions that clients are required to answer to keep a relationship with a company. Simur users can accept or reject an invitation from a company, which will be displayed under the 'Pending tasks' section in the Simur app.
User
Anyone registered on the Simur app.
Verification terms
2FA
2FA stands for Two-Factor Authentication, a multifactor authentication method that adds an additional layer of security to user logins. It requires users to provide two different authentication factors: something they know (like a password) and something they have (like a smartphone or authentication token). This combination significantly enhances account security by mitigating the risk of unauthorized access, even if one factor is compromised.
To register an account in Simur you will receive a verification code via SMS to your phone as a 2FA method.
AML
AML stands for Anti-Money Laundering. It refers to the set of regulations, procedures, and controls implemented by financial institutions and other businesses to prevent and detect activities associated with money laundering and terrorist financing. AML efforts encompass customer due diligence, transaction monitoring, and reporting suspicious activities to relevant authorities.
Adverse Media Screening
Also called negative news screening, Adverse Media Screening refers to the process of evaluating an individual or any other entity's background by scrutinizing publicly available information from various sources such as news articles, legal filings, social media and online platforms, and other relevant publications.
Adverse media screening is a key component in both Know Your Customer (KYC) and Anti-Money Laundering (AML) that can enhance their risk assessment capabilities and mitigate the risks associated with engaging with potentially high-risk individuals or entities.
Compliance
Compliance refers to adhering to the laws, regulations, and industry standards that govern the verification process. This includes following legal requirements related to data protection, privacy, and anti-fraud measures. Compliance also involves meeting industry-specific standards such as Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Additionally, it entails implementing internal policies and procedures to ensure that the verification process is conducted ethically, securely, and accurately.
Document Verification
It involves verifying the authenticity and validity of identity documents provided by individuals during the verification process. This includes government-issued IDs such as driver's licenses, passports, or national identification cards.
Fraud Detection
Fraud detection refers to the process of identifying any attempts to use counterfeit, altered, or falsified documents to deceive the verification system. It involves different processes such as document analysis, pattern recognition, data validation and human review.
By employing robust fraud detection measures, we identify and mitigate attempts to use fraudulent documents, thereby enhancing the security and integrity of the verification process.
KYC
KYC stands for “Know Your Customer”, a process used to verify the identity of users which helps us to prevent fraud, money laundering and other illegal activities by ensuring that businesses know who their customers are and can assess the risks associated.
KYB
KYB stands for "Know Your Business." It's a due diligence process that companies undertake to verify the identity and business details of their clients or partners. Like Know Your Customer (KYC) regulations, which focus on individuals, KYB focuses on businesses. It involves gathering information such as company registration documents, ownership structure, business activities, and beneficial owners to ensure compliance with regulations and mitigate the risk of fraud or financial crime.
Liveness detection
Liveness detection refers to the capability of a system to detect whether a biometric sample, such as a facial image or fingerprint, is obtained from a live person or a static source like a photo. Therefore, the purpose of liveness detection is to prevent fraudulent attempts to bypass authentication by using non-live or fake biometric samples.
NFC
NFC or Near Field Communication, is a technology that enables devices, like smartphones or tablets, to communicate when they are in proximity, usually within a few centimetres of each other. NFC technology can be used for scanning ID documents by embedding NFC chips into the documents themselves.
When the document is brought close to an NFC reader, the reader emits a radio frequency field that powers the NFC chip in the document. The chip then sends its stored information back to the reader, which can include details like the document holder's name, date of birth, and other relevant data.
You will use the NFC reader during the registration process to verify your ID document or passport.
Onboarding
It refers to the initial process of gathering and verifying user information when you first sign up for our service.
This process is essential for regulatory compliance and risk management purposes, and it involves providing identification documents, such as a passport, ID card or driving licence, along with additional information like your address or contact details.
PEP Screening
A PEP Screening is a process used to identify individuals who hold prominent public positions or have close associations with such individuals. These individuals, known as politically exposed persons (PEPs), may include government officials, senior politicians, judicial figures, and high-ranking military officers, among others.
Risk Assessment
Risk assessment involves evaluating potential threats and uncertainties related to the verification process. This includes identifying risks such as identity theft, fraudulent activities, data breaches, or errors in the verification process itself. The aim is to assess the likelihood of these risks occurring and their potential impact on the accuracy and security of identity verification.