location met, level met, region and visible infornation. It only checks the TID and SID of mythical Pokémon. It also checks for ribbons. It will check if the Pokémon is capable of learning it’s current moveset.
It doesn’t check the PID or poke ball (I got Shiny Groudons from Emerald in Quick balls with a PID of 0). It may check shininess but I don’t know if it does because Shiny Keldeo registers as legal.
Pokebank is good in the fact that if a is hacked to have a different location it’s location in the Pokebank is just the region it was caught in.
((ODDLY ENOUGH, POKÉMON CAUGHT USING THE CATCH TRAINERS POKÉMON HACK WITH AN ACTION REPLAY IN GEN 5 WILL BE LEGAL IN THE POKE BANK, EVEN IF THE LOCAATION CAUGHT IS TOTALLY WRONG))