Know who you do business with. Keep checking after you sign.
Commodity traders, manufacturers, real estate and high-value goods dealers, and lawyers, notaries and accountants all have to know who they deal with. The risk often sits with the people behind a company, not the name on the contract. DetectX® screens the whole party, keeps screening it, and records every decision.
Four pressures every business that vets suppliers, agents, buyers or clients will recognise, and how DetectX® answers each one.
None of them is new, and none of them goes away.
Every supplier, agent, buyer and broker is a third party that has to be checked before onboarding.
DetectX® Third Party Due Diligence validates the company’s structure, and DetectX® Name Screening checks it against PEP and sanctions lists.
A company can come back clean while its owner or director is sanctioned or politically exposed.
DetectX® Link Analysis maps connections between entities that are not on the contract, and DetectX® Adverse Media Search shows what the news says about them.
An owner added to a sanctions list after signing is found at the next annual review, if at all.
DetectX® screens parties again when the lists change, and a cleared match is whitelisted with a reason so it does not come back.
When the auditor asks why a partner was approved, the answer sits in spreadsheets and email.
DetectX® Workflows records each step, comment and sign-off with who and when, and DetectX® Regulatory Reporting builds reports to the FIU from data already held.
Every kind of business carries a different risk.
A commodity trader, a manufacturer and a notary face different anti-money laundering and sanctions rules and very different cases. Pick the one that sounds like yours.
Suggested starting points. Every DetectX® solution is available to every business.
Buyers, sellers, agents and brokers in many jurisdictions, often companies owned through other companies. The name on the contract is rarely the whole story.
Suppliers, distributors, sales agents and joint-venture partners, plus the company’s own entities. Each relationship is a check, and each check goes stale.
Property, art, precious metals and luxury goods attract buyers who pay through companies and intermediaries. The duty is to know who the buyer really is.
Lawyers, notaries, accountants and trust and company service providers (TCSPs) act for clients who are often companies, trusts and foundations, and are obliged entities in their own right.
Outside financial services, the main duty is to know your partners.
Who those partners are, and the risk they bring, depends on the industry. DetectX® checks every one of them the same way, on one platform.
Projects in higher-risk regions
Example riskA contractor owned by a sanctioned party
The risk it findsA contractor owned by a sanctioned party
Goods that cross borders
Example riskA consignee on a sanctions list
The risk it findsA consignee on a sanctions list
Networks built by many vendors
Example riskA vendor whose owner is sanctioned
The risk it findsA vendor whose owner is sanctioned
Public money, public scrutiny
Example riskA winning bidder with a politically exposed owner
The risk it findsA winning bidder with a politically exposed owner
Thousands of suppliers
Example riskA supplier in the news for fraud
The risk it findsA supplier in the news for fraud
Suppliers under close scrutiny
Example riskAn intermediary with undisclosed owners
The risk it findsAn intermediary with undisclosed owners
Supply chains in many countries
Example riskA sales agent named in a corruption case
The risk it findsA sales agent named in a corruption case
Illustrative examples. The third parties screened, and the checks run on them, are configured per business.
A partner is more than a company name.
A one-off check by name, in a spreadsheet or a single search, sees the company on the day it is taken on. The risk often sits with the people behind it and arrives after the contract is signed. DetectX® checks the whole party, keeps checking it, and records every decision.
Illustrative example. Which solutions a business runs is configured per institution.
What businesses usually ask before they choose DetectX®.
No. Commodity traders, manufacturers, real estate and high-value goods dealers, and professional services firms use DetectX® to screen third parties on the same platform as banks.
Checking a supplier, agent, buyer or partner before you work with them, and again afterwards: the company, its owners and directors, and what the news says about them.
Yes. DetectX® Third Party Due Diligence verifies beneficial ownership, and the owners are screened against PEP and sanctions lists like any other subject.
Many are obliged entities for certain activities under EU and Swiss rules.
Still to be confirmed: the exact regulatory wording.
DetectX® runs on premise or as a SaaS service run by Prospero.
Still to be confirmed: the deployment options offered to businesses outside financial services.
The company and the people behind it in one check: directors, beneficial owners and shareholders, before onboarding and after.
Explore Third Party Due DiligenceWebinarDetectX® Innovation DayThree sessions on demand: the platform today, the roadmap, and getting more from the platform you run.
Watch the sessionsCase studyA global aluminium manufacturerDetectX® predictive analytics cut process repetition due to lack of quality by 23 percent.
Read the case studyBring a supplier list, an agent or a buyer. We will show you how DetectX® checks the company and the people behind it, and keeps checking after you sign.
