DDE (The Due Diligence Exchange) was established in 2005 to satisfy client demand for in depth due diligence checks and visits, which serve the purpose of ensuring our client’s customers and suppliers are not bogus businesses. We have a Technical Director who has over 30 years of experience in this area and we have also obtained advice from leading Counsel. There were three main factors leading to the development of The Due Diligence Exchange, and these are to fulfil the demands of companies seeking assistance in relation to the following 3 areas Money Laundering Regulation Compliance, MTIC fraud and Business Identity theft.
MTIC FRAUD
Missing Trader Intra Community fraud has spread in recent years into a wide range of industries. Virtually any business dealing in any goods can now be exposed to MTIC Fraud.
UK HM Revenue and Customs have imposed requirements upon businesses to carry out very detailed due diligence checks to counter MTIC Fraud. Failure to comply with these requirements leaves businesses exposed to financial sanctions, including being issued with substantial VAT assessments. To see if you are affected by these measures please see here.
CORPORATE IDENTITY THEFT
In today’s ever increasing electronic and internet based world, the risk of identity theft of individual’s and business identities grows every day.
Fraudsters are hi-jacking the identities of private individuals and businesses to perpetrate a wide range of frauds. This could be a fraud designed to steal your customers or as part of a missing trader fraud. To see more information on services we can provide to protect your Company from corporate identity theft please see here.
MONEY LAUNDERING REGULATIONS
Combating fraud, money laundering and terrorism are objectives high of the list of priorities for the International Community. In the UK Money Laundering Regulations and other Acts have been in place for some years, placing obligations on certain industries to carry out in depth due diligence checks into their customers. It has become an obligation to Know Your Customer, a phrase which has become synonymous with customer due diligence in recent years.
As a result of the EC Third Money Laundering Directive all Member States have been required to implement new Money Laundering Regulations. The new Regulations came into effect in the UK on the 15th December 2007.
The new Money Laundering Regulations require businesses to assess and redesign their Know Your Customer policies, moving away from basic identification checks towards a more comprehensive risk-based approach.
It is a fundamental requirement not only to prove who your customers are but also to retain the evidence to demonstrate that the required checks have been carried out.
Not complying with the regulations can lead to severe penalties including substantial fines and criminal prosecution. For more information on these regulations and the services we can provide to assist you and your business with all part of compliance please see here.
