Verification of an individual

Verification of individuals allows a company to reduce its security, financial, legal and reputational risks, ensure compliance with legislative and regulatory requirements, and increase efficiency of its processes.

• Make sure that an individual is not wanted or accused of wrongdoing.
• If an individual is included in the register of politically exposed persons, it may affect the compliance with the requirements for conflict of interests or other legislative norms.
• If an individual is on the sanctions lists, it may expose a company to reputational and legal risks.
• Property rights, encumbrances and enforcement proceedings are assessed to determine the stability of an individual’s financial condition and avoid potential legal risks.
• The state of credit history will help to assess if an individual is financially stable, responsible and trusted. It is especially important when hiring a person for positions which involve access to financial resources, processing of sensitive information or otherwise related to financial risks.

The information about an individual contained in the state registers and other open sources is publicly available. The information related to the credit history of an individual is regulated at the legislative level and may be provided to other entities only with the informed consent of the individual who is verified.

When the request to obtain the credit history of an individual is made in the form of a report, the subject of the credit history will receive a request to approve the verification by the corresponding company in the “Privat24 for Business” application. If approved, the receiving organization will be issued an invoice in Privat24 for Business”. When the invoice is paid, the report will be uploaded to the “Request Archive” within 24 hours.

It is a standard practice to verify job candidates before hiring, and employees when they change positions. It depends on the peculiarities of the activities performed by a company or in case of specific positions, where periodical verification of employees may be expedient.