Adverse media screening (also known as media monitoring or negative news screening) is one important part of customer due diligence (CDD). At its most simple, adverse media screening is the process according to which a current or prospect business partner, is compared to (“screened against”) negative news and data sources. Adverse media screening allows firms to spot a potential problem or risks in time.
The term compliance describes all measures of a company that contribute to ensuring compliance with legal requirements. In principle, compliance is therefore not the same as the term “sanctions list check”. However, the sanctions list check is a decisive part of corporate compliance. More on the topic of compliance.
It is a law on corporate due diligence to prevent human rights or environmental violations in supply chains. The law aims to improve the international human rights and environmental situation by setting requirements for responsible supply chain management for companies. The objective of the Act is to protect people and the environment in the supply chain. It aims to prevent human rights violations and enforce environmental obligations.
Politically exposed persons (PEP) are understood to be office holders in a governmental or otherwise public role. In the case of this group of persons, which incidentally also includes former office holders and relatives, there is, according to general opinion, reason to assume that there is an increased risk with regard to corruption and money laundering. For this reason, the Money Laundering Act, among other things, imposes increased due diligence obligations on certain companies when dealing with PEP. In order to meet these obligations, however, companies must first identify the PEP. This is where the PEP audit comes into play.
The sanctions list check refers to the obligation of every company to compare all relevant master data (customers, suppliers, personnel, etc.) with the latest sanctions lists. This obligation arises from resolutions passed by the United Nations Security Council. These in turn have been implemented by the EU in regulations to which every European member state and thus every company based in the EU is subject.
Not only countries are subject to embargoes, but also individual persons or organisations that can be found on the sanctions lists. It is forbidden for any kind of company to make financial assets and/or economic resources available to sanctioned persons or organisations/companies. This means that any kind of business relationship with sanctioned persons/organisations is prohibited.
In order to comply, the obligation to check the sanctions list applies.
Trustnet.Trade is a web-browser accessible platform „in the cloud“, everything takes place online. For the user, this means that there are no more installations on end-user devices, no maintenance intervals must be observed, no software updates have to be installed manually and no complex configurations have to be created. Trustnet.Trade Compliance-as-a-Service can be accessed and run from online from any location with internet using any mobile device (smartphone, tablet, PC, Laptop and other devices).