The need for confidence in business relationships and potential partners is an essential aspect of successful trading as a company. Understanding the history, structure and inter-connectivity, as well as the financial status of a proposed partner or acquisition is essential to establishing the trust that is necessary. Companies have many possible areas of financial compromise, but those from financial losses that could have been avoided; repetitional damage from undisclosed beneficial owners; directors with conflicts of interest; or undeclared but reputationally or financially damaging parent or subsidiary companies are among the most serious, and the most common.
The Bribery Act and Anti Money-Laundering Regulations impose legal duties upon companies to conduct sufficient due diligence on who they are trading with to ensure that they know who they are dealing with and where their monies are being sourced to prevent criminal funds being legitimised. They also impose draconian penalties in default. We can advise you on policies and strategies to meet these requirements, but the need to carry out sufficient due diligence remains an essential part of safe-guarding your company's reputation and finances.
Together we can ensure that you meet the required standards of compliance, and that your company is not vulnerable. Politically exposed persons, funds and accounts concealing the origins of monies, bankruptcy and CCJs all impact on how you view your potential partner. Our multi-level system is designed to allow you to choose the level you wish to look into matters.
In business due diligence is an essential tool in success. Having knowledge and confidence in suppliers and trading partners is an important facet of establishing good relations. Unfortunately there are many companies and individuals that exploit trust in order to gain from relationships. Knowing the financial history and background of the company and its key individuals places you in a position to assess your risks and exposure, and stop problems before they cause damage to your company.