Anticipating and identifying the risk of corruption and money laundering among suppliers is essential. With the Sapin 2 law and the Duty of Vigilance, companies, and particularly procurement departments, have tools at their disposal to be alerted to this major risk.
KYS – Know Your Supplier – has become a well-known acronym in purchasing and procurement departments. Purchasing departments are impacted by the measurement of suppliers’ good character, as companies pay invoices and can thereby contribute to the criminal activities of an entity of their suppliers. The KYS process is therefore essential for stopping these activities and working with reputable third parties.
In practical terms, you will need to check three key elements: the existing supplier portfolio, new relationships, and monitoring over time. A certain amount of information should be collected for each of these elements: information on the company, its managers, its shareholders and its beneficial owners. The aim is to ensure that these third parties are reputable, in particular by checking whether or not they are on sanctions lists, so as not to run the risk of being involved in corruption. It is also recommended to follow up by carrying out regular evaluations of suppliers.
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For Altares, taking action against fraud is a real challenge for society. Every due diligence carried out means a crime avoided and companies and jobs saved. Each of us has a major societal role: to ensure that, on a daily basis, we act to reduce the vulnerability of our companies and administrations to criminals. In doing so, we will increase the confidence necessary for public and private investment, the strengthening of economic ecosystems and thus the integrity of our society.
Altares Compliance solutions address your compliance challenges in different ways via web, API or file access, and for different departments such as legal, compliance or procurement.
Altares Compliance solutions address your compliance challenges in a variety of ways via web, API or file-based access, and for different departments such as legal, compliance or procurement.
indueD facilitates your due diligence, for an optimised compliance of your business relations portfolio. Integrating the latest compliance regulations and thanks to dynamic data visualisation, indueD makes your compliance issues a reliable, simple and fast process. indueD is aimed at all sectors of activity exposed to compliance issues: banking & insurance, industry, distribution, etc., and more particularly at resource and purchasing departments.
Do you need quick access to official company documents ? You need to be sure of the origin of the document? It’s easy with inDoc!
Simply place your order, via the DUNS Number (or via a manual search) inDoc provides you with official company documents, by email, in less than 1 hour* in a large number of countries, facilitating your due diligence.
KYC, KYV, KYB, search for beneficial owners, screening of sanction lists: D&B Onboard helps you to cope with the increasing complexity of compliance obligations (including due diligence).
D&B Onboard simplifies your compliance procedures and saves you time on your audits in the face of changing regulations and obligations.
Altares – Dun & Bradstreet assists you in producing your reporting statements in accordance with the requirements of the European Central Bank.
With UBO Factory, access our database which lists all the beneficial owners (UBO / BE) and official statuses of 10 million French companies. Are you concerned by the 5th European Directive on the fight against money laundering and terrorist financing? You wish to carry out your Due Diligence? We collect information for you from official sources.
DUNS 4 LEI allows you to comply with MIFID II regulations by updating your LEI database. Precisely identify your counterparties thanks to an exclusive matching with the D-U-N-S Number.