The tool allows a company to check and approve a new contractor so that a business relationship can be established. This is a key component of risk management to ensure that the counterparty is trustworthy, meets legal and business requirements, and minimizes potential financial, reputational or legal risks.
This is particularly important in the context of the war in Ukraine for entities operating in regulated areas – such as defense or the financial sector.
Counterparty verification is the minimization of financial risks by avoiding cooperation with unreliable or insolvent companies. Ensure compliance with regulations especially in the areas of tax, AML (anti-money laundering) and international sanctions. A key element is to protect reputation and work only with reliable partners
For the purposes of the system, we have built more than a dozen integrations to providers of external data on business entities: European Commission sanction list, OFAC, GIIF, CSO, KNF, E-Justice, VIES and others.
The implementation of an electronic counterparty verification workflow allows companies to maintain regulatory compliance and business security, especially in regulated markets.