The Entities settings serve the purpose of adding and modifying the characteristics of entities. These characteristics play an important role in determining the entities’ capabilities, potential uses, and ease of management.
How to access?
- Go to Settings / Entities
- In this section you can manage types, fees schedule, fund sources, strategies, structures, share classes, risk levels and statuses of the relationships
- Click Save
What settings can I manage?
Entity types: Each of your entities is categorized with a specific type. You can modify this type by accessing an individual entity and selecting the “Edit” option.
Entity fees schedule: The settings provide options to add fees in different currencies and define their frequency of occurrence. We believe this function will aid in streamlining and organizing financial operations for your entity.
Entity shared classes: Shared class types, incorporated through settings, hold significance as they enable you to detail the ownership distribution among your contacts or sub-entities for a given entity. These can then be added in the Share Classes section of a particular entity.
Entity risk levels: In this section, you can define risk levels and related particulars such as the frequency of risk reviews and associated reminders. These details are crucial as the risk for each of your entities is evaluated, and if it falls within a particular category, it will influence your organization.
Entity statuses: They hold significant importance as they show the incorporation status of an entity. You can define the statuses here and, if the compliance threshold is met and not fallen below, you will have the capability to elevate the status to a higher level.
Good to know
- Entities and their statuses are part of the onboarding monitoring process
- Compliance is used to check if entities fit your business, monitor how they affect you, or screen and verify their identity, actions, and potential risks in illegal activities
Related topics
- Entity fees
- Entity shared classes
- Entity Risk
- Referral and on-boarding