Due diligence check is a tool for companies for protection against reputational and financial damage as it allows to verify business partners (including natural persons or entities listed in all lists of sanctioned parties, Watchlists, lists of supervisors and law enforcement bodies, in particular in the field of financial crimes, terrorism and organised crime in general) all over the world, assessing possible risks in business and personal relationships globally, thus composing highly structured profiles of the entities under investigation: anti-corruption checks, money laundering, preliminary checks of transactions such as mergers, acquisitions or joint ventures, checks on the supply chain, due diligence checks of agents, consultants, distributors, of immigrant investors (tax residence applications), on subjects related to high-risk countries, on high-net-worth individuals…
The dossier (presented through tables that facilitate the understanding of the information and the assessment of risks present, in addition to the indication of links through which the data was collected), provides a comprehensive report on risk: information on organisations, on the property, on the managers, on the relationship with politics and organised crime and on conflicts of interest. It may also contain a business intelligence section.
The information obtained comes from public sources: global media (over 100,000 sources), data from local and international public records, specific sources for each country and by sector, data sources in foreign languages, global sources of compliance information, information accessible to the public but difficult to find, negative reports in international media and lists of sanctioned entities. All collected data is then analysed in detail, divided and associated with each other, through advanced screening procedures, careful research processes and subjected to stringent quality controls.
The research activities also meet the due diligence requirements of the KYC (Know Your Customer), AML (Anti Money Laundering), CFT (Countering the Financing of Terrorism) and PEP (Politically Exposed Persons) procedures. Functions that allow obtaining the data shown below are also provided:
- real-time penalties: regarding compliance with payment procedures and providing updated information on the penalties to institutions carrying out checks on time-sensitive cash transfers;
- Iran Economic Interest (IEI): allowing monitoring of customers, employees and business partners, in order to detect the risks of violating sanctions against Iran;
- Intelligence country-check: providing global information on economic, political and criminal aspects in support of AML due diligence activities;
- IHS maritime sector information: providing information relating to the identity, structure (current and historical) and location of Shipowner companies, and information relating to all merchant ships in service with tonnage equal to or greater than 100 GT;
- US SAM (System for Award Management): providing information on organisations that are either restricted or prohibited from doing business with the US government.
The most specific reports include: anti money laundering compliance (AML); verification of administrator statements; anti-corruption and compliance checks to US (FCPA) and UK (UKBA) anti-corruption laws; sanctions against Iran; international and US due diligence. The surveys cover over 240 countries, with hundreds of contact persons active 24 hours round the clock, 7 days a week, who speak more than 60 languages.