What is third-party screening?

Today’s companies frequently rely on partners, contractors and other third-party suppliers to successfully run their businesses. Working with third parties enables you to outsource tasks, address changing operational needs and build your business. However, third-party relationships can also expose you to increased risk, if you don’t ensure that the individuals and entities you’re working with are legitimate, trustworthy and financially sound.

Plus, as anti-money laundering (AML) and anti-bribery and corruption (ABC) regulations become tougher worldwide, companies are coming under increased scrutiny. So it's important that your business has effective third-party screening processes in place to protect you from the risks these parties can pose to your company.

Third-party screening empowers you to take a close look at your business relationships – both existing and new. It’s a process for verifying a third party’s identity, confirming the nature of its activities as well as the source of its funds, and assessing the risk it presents to your business. It can involve checking the individuals or entities against various lists, such as sanctions lists, watchlists, politically exposed persons (PEP) lists and other law-enforcement and regulatory lists.

Ultimately, by conducting third-party screening, you can help protect your business from reputational, regulatory and financial threats.

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