Compliance check

What is a compliance check?

The objective of a compliance check is to provide an overview of any risks. Compliance is a continuous process, not a snapshot. When an organisation performs a compliance check, it examines whether it still complies with all regulations and where adjustments or improvements may be required. The compliance check is also part of the client check. If you conduct business with a partner, vendor or client, you want to make sure they are who they say they are and that they too have not engaged in any negative practices such as money laundering, fraud or human trafficking.

By performing a compliance check:

• You may avoid that your organisation does not comply with the law and you may avoid any possible penalties
• You gain further insight into your current compliance processes and can identify them and improve your control
• You can find out about the people and organisations you work with, such as vendors or partners and you can prevent working with the 'wrong' parties that may ruin your reputation.

What does compliance mean and why is it important?

The meaning of compliance involves compliance with legislation and regulations around preventing fraud, bribery or money laundering. Especially financial organisations have to manage this. Think about banks that may be fined if they do not monitor properly whether client accounts are used for money laundering. But in fact, every organisation should employ a compliance officer who checks whether the rules are adhered to and whether the appropriate compliance tools have been implemented. 

Continuous monitoring & third-party compliance

In many organisations compliance doesn’t stop with one single check. It is always customary to monitor continuously as well, with regard to vendors, partners and other external parties. This means: not just an initial screening but also the follow-up of changes (such as new sanctions, negative media news or amended ownership structures). This way, we ensure that you don’t just comply with the regulations today but are prepared for new risks for tomorrow as well. Through LexisNexis solutions you can define automatic alerts for relevant trigger events, to enable you to respond in time.

Compliance checks with LexisNexis

At LexisNexis we can help you undertake thorough compliance checks. For example, via Nexis Diligence+™, our online diligence tool you can use to screen partners or clients based on entries on or in among others PEP Lists, negative news and UBO entries. Request a demo free of charge, using this form and we’ll be happy to show you how it works.

Perform a compliance check at LexisNexis