Verification Standard
How the Registry verifies applicants and assigns tiers, Reserve List positions, verification statuses and compliance clearance, and what each designation means to a counterparty.
1. Scope
This Standard governs every decision that is sealed into an EBRICS code. It applies to all applicants and code holders and binds the compliance desk. Counterparties may rely on it to interpret the profile shown to them under an Authorization to Verify.
2. The verification process
- Invitation. Registration is by invitation only, under the Invitation & Access Policy. The application form opens only for an invited corporate mailbox that has proved control of that mailbox.
- Application. The applicant submits identity, mandate and transactional particulars and makes the declarations required by the Code Holder Terms.
- Automatic flags. Applications are flagged for enhanced review where the jurisdiction is on the Registry's enhanced-review list, where a sanctions disclosure is made, or where the registration number matches an existing record.
- Identity verification. Corporate existence, registration number, registered address and good standing are confirmed against the official register of the jurisdiction. Individual principals are verified against government-issued identity documents.
- Authority verification. The authorised contact's position and authority are confirmed against board resolutions, powers of attorney, mandate letters or equivalent instruments.
- Beneficial ownership. Ultimate beneficial owners holding 25% or more, or exercising control by other means, are identified and screened.
- Sanctions screening. The entity, its directors and its beneficial owners are screened under the Sanctions Policy, and the screening reference is recorded.
- Determination. A compliance officer records the verification status, compliance clearance, tier and Reserve List designation, then issues or declines.
The Registry may request further information at any stage. An application that remains incomplete for 90 days after a request may be closed.
3. Verification status
| Status | Meaning |
|---|---|
| Verified — enhanced due diligence | Full identity, authority and ownership verification, with additional source-of-funds or source-of-product checks proportionate to the risk. |
| Verified — standard due diligence | Full identity, authority and ownership verification. |
| Provisional | Identity verified; one or more supporting verifications outstanding. Provisional status is limited to Tier 5 and reviewed within 90 days. |
4. Compliance clearance
| Clearance | Meaning |
|---|---|
| Cleared | No compliance concerns identified. |
| Cleared — conditional | Cleared subject to recorded conditions, for example periodic re-screening or restrictions on role. The conditions are not disclosed to counterparties. |
| Not cleared | No code may be issued or remain active. |
A code is issued only where sanctions screening is clear (with or without notes) and clearance is Cleared or Cleared — conditional.
5. Tier framework
| Tier | Designation | Typical holders |
|---|---|---|
| T1 | Sovereign | National oil companies, state procurement agencies and other state entities acting under public mandate. |
| T2 | Prime Institutional | International oil companies, refiners, major trading houses and regulated financial custodians of established standing. |
| T3 | Principal | Verified corporate principals with demonstrated operating history and capacity in their stated role. |
| T4 | Registered Principal | Verified principals with a shorter operating history, or whose capacity has been verified only in part. |
| T5 | Provisional | Entities in provisional verification status. |
A tier describes the depth and outcome of verification. It is not a credit rating, a guarantee of performance or a statement of financial capacity. Capital capacity is shown separately as a verified band.
6. Reserve List
The Reserve List records principals the Registry designates as ready for priority engagement in their stated role.
- Primary principals are verified, cleared and ready for engagement, and are ranked by a Reserve position.
- Standby principals are verified and cleared, with engagement readiness pending.
- Not listed principals hold a valid code but are not on the Reserve List.
Reserve positions reflect the Registry's assessment under this Standard at the time of issuance and may change on re-issue.
7. Verification Identity Code (VIC)
Each verified entity is assigned a VIC, a stable internal reference that links the entity's verification record across re-issues. The VIC appears in the verified profile but cannot be used on its own to verify anything.
8. Ongoing monitoring
- Active holders are re-screened against sanctions lists at least monthly and whenever a relevant list changes materially.
- Verification is refreshed at least every 24 months for Tiers 1–3, every 12 months for Tier 4, and every 90 days for Tier 5.
- Holders must report material changes (ownership, directors, authority, sanctions exposure) within 10 business days.
9. Changes to a sealed profile
The inputs sealed into a code cannot be edited. When a tier, Reserve List designation, clearance or other sealed fact changes, the code is re-issued. The previous code is marked superseded and its outstanding ATVs are withdrawn.
10. Suspension and revocation
A code may be suspended while a concern is investigated and revoked where the holder no longer meets this Standard, has breached the Code Holder Terms, or where continued registration would be unlawful. Holders are notified of the change of status and may appeal under the Complaints & Appeals procedure.