Compliance means complying with the laws, regulations and rules of the country in which the company carries out its business.
Compliance procedures are one of the most important conditions for successful business.
Non-compliance could lead not only to certain risks, but also to fines and criminal liability.
Let us examine those risks that entail the most serious consequences in the Russian Federation, namely: corruption and the promotion of laundering of proceeds from crime.
For participation in fraudulent schemes for money laundering and bribery, large fines or restriction of freedom for a period of 2 to 8 years are provided.
In order not to become a defendant in criminal cases, a participant in arbitration processes and to avoid various reputational losses, it is necessary to check counterparties for compliance risks.
Main difficulties
The main difficulties that one can face when identifying compliance risks are:
- lack of a single data source;
- lack of automatization;
- lack of data in the open sources.
For example, while assessing corruption risks when interacting with a company, it is necessary to identify publicly exposed persons in its structure. Such persons may take advantage of their position and ability to commit acts aimed at money laundering. Many high-profile cases related to corruption show that public officials (including former ones), endowed with administrative and managerial functions, own assets that are not comparable to their official or legal income. There is no register of publicly exposed persons in the open sources, which complicates the search for information and its verification.
One of the stages of identifying risks associated with money laundering is risk assessment by type of activity of the counterparty. However, there are no lists of activities subject to additional control. To obtain information on the degree of risk, it is necessary to study the decisions of the Central Bank, determine the appropriate OKVED code for the risky type of activity, and only than one can carry out an assessment.
Globas possibilites
Information and Analytical system Globas will assist in finding solutions to mentioned problems. The functionality of Globas allows for an in-depth check of the counterparty for compliance risks, and additional tools provide broad analytics for the organizations under research.
The Reports section allows to customize unlimited number of the user's verification scripts to further automate the process. You set the verification criteria and measures, and Globas automatically checks the presence of risks in the company, each time the report is opened!
Compliance check is available for every Globas user in the form of a formalized report. With its help, publicly exposed persons, high-risk activities according to the Central Bank of the Russian Federation, being under sanctions are identified, and automated verification of related persons for compliance risks is carried out.
Your risks are under control with Globas!