The more your business grows, the greater the number of business contacts. When your network of business relationships has developed over years and decades, it is not easy to keep track of everyone. And the list of those you cannot do business with is long. It is updated daily, as national security precautions, trade barriers, and sanctions change constantly.
As a company, you are responsible for all your processes. The legal liability for money laundering and terrorist financing, whether intentional or accidental, lies with your company and, depending on your position, even with you personally. A system that verifies your business relationships is therefore essential. After all, non-compliance is often more expensive than compliance itself.