Identification of politically exposed persons who are close to a member of government or a member of a government agency and hence particularly vulnerable to corruption or briberyĬross-checks with news reports to ensure that business partners are not linked to forms of economic crime such as corruption, money laundering, fraud or bribery. Identification of individuals and companies subject to economic or legal sanctions (embargos) Identification of individuals and companies, such as terrorism suspects, that are subject to state monitoring Identification of possible links between companies and other involved persons
What form of due diligence is appropriate depends on the specific situation, transaction and the level of risk.Įnhanced due diligence involves collecting detailed information about individuals and companies in order to provide insurance.To ensure that this background research is thorough, companies need access to a number of different databases: The due diligence audit enables companies to protect themselves by checking the assumptions and conditions of a mutual relationship or an offer and identifying relevant risks. The German Institute for Compliance (DICO) defines a business partner as “any party which has business contact with a company and is not an employee or manager of the company”.Regardless of the extent or type of the business relationship, this includes customers, suppliers, subcontractors, sales representatives, advisors and partners in joint ventures as well as small service providers, intermediaries and investors. A due diligence check involves careful investigation of the economic, legal, fiscal and financial circumstances of a business or individual.This covers aspects such as sales figures, shareholder structure and possible links with forms of economic crime such as corruption and tax evasion.A check of this sort is necessary as soon as a company initiates relationships with business partners or plans to buy up another company or a property or make and investment in real estate. new LexisNexis Smartindexing TechnologyĪ definition of due diligence: the concept of due diligence enshrined in German law refers to the exercise of reasonable care in the course of business.Academic Research with Data as a Service.Adverse Media Feed with Data as a Service.Nexis® Media Intelligence Research & Analytics.“This exciting new partnership enables Slalom to solve a multitude of issues for our customers across the banking and insurance lifecycles as well as other industry challenges,” he added. Will Davies, head of financial services, UK at Slalom, added that the investment in intelligence solutions enables the ability to improve lead generation, streamline and automate onboarding and deliver improved risk management whilst also enabling a better relationship management and customer experience. Read more: TAB boosts loanbook by £11.4m in one day “With Slalom’s breadth and depth and incredible growth – they are a powerhouse we will be pleased to recommend to our many financial services customers.” “The team at Artesian Duedil are super excited the many possibilities this strategic partnership will bring to the financial services industry,” said Andrew Yates, chief executive of Artesian DueDil. Read more: FCA launches £11m campaign to highlight pitfalls of high-risk investmentsĪrtesian DueDil said that with Slalom, it can help clients automate their customer engagement, leveraging data and analytics solutions, and offer new strategy and advisory practices to enable new digital capabilities and improve end to end experiences. The collaboration with Slalom is intended to help banks, insurers and other financial services firms do better business by using market-leading data and insights on businesses. This is the first partnership to be announced since the merger between Artesian and DueDil last month. London-based fintech Artesian DueDil has announced a partnership with Slalom Consulting which will see it launch a new compliance solution for financial services firms.
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