The following Practice Compliance precedent provides comprehensive and up to date legal information covering:
Agents and intermediaries are third parties engaged to provide services for or on behalf of [Insert organisation's name] or to represent our interests. Working with agents/intermediaries is a concern in the context of bribery, corruption, fraud, facilitation of tax evasion and financial crime generally, as we can be held liable for acts committed by those agents/intermediaries. This means that when we engage someone to act on our behalf, we need to be sure that they won’t commit bribery, corruption or any other financial crime. In each case, we need to conduct thorough due diligence to ensure that the potential crime risks have been identified, considered and addressed.
Online due diligence can be used both to gather information, and to verify and validate information received from elsewhere, such as from the agent/intermediary direct.
Different third parties present different potential risks, so the scope of investigations should be well aligned with that potential risk. This means if you uncover information that raises concerns, you should make sure that these are thoroughly investigated—using external expertise or software, if necessary. This is often something that will emerge at an advanced stage in the due diligence process and you should react accordingly, but sometimes risks can be immediately clear—such as a business being located in a jurisdiction that are known to be more susceptible to bribery or a tax haven.
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