Compliance Checks
Why do you need a compliance check?
Since January 1, 2017, businesses in Austria have been legally obliged to check the background of companies and individuals with whom they do business even more closely than before. The reason for this is to prevent the financial system from being used for money laundering and terrorist financing.
Goal of the compliance check
- Legally compliant compliance audit
- Background information on the beneficial owner
- Saves time by checking creditworthiness and compliance in one report
- Complete coverage of all persons and companies in Austria and worldwide
We are networked with a wide variety of databases for this purpose and can provide far more extensive data sets than competing online providers thanks to our investigative approach.
Measures required for compliance checks
As part of the compliance check, we determine, among other things, whether your business partners are so-called PEPs (politically exposed persons) or SANSs (persons or companies subject to sanctions). These previously used abbreviations/terms are internationally valid and are used worldwide. In addition, the review results contain information on economic fraud, financial and tax offences, terrorism and corruption of the persons/companies reviewed.
Which sectors/companies are affected:
- Companies that accept payments of EUR 10,000 or more in cash
- Real estate trustees and brokers
- Financial institutions
- Credit institutions
- Lawyers and notaries
- Certified public accountant, tax consultant
We make your business partner as transparent as necessary for you to avoid unpleasant surprises.
