Software for compliance verifications are considered to be a better solution in comparison with manual compliance checks. But when you just set up your own company, you are not going to spend money either for a bunch of subscriptions or for compliance officers on staff. You’ll do a compliance check by yourself.
Let’s glean basic compliance check tools from the experience of starting a company with Enty:
- identify a contractor - legal person (e.g. find its name, registration number, and details of business activity in the e-Business Register);
- identify a signatory - a physical person (e.g. search in the blacklists);
- keep track of the relations with a counterparty according to KYC.
On Enty, you can monitor your history with a business partner in the Counterparties
section. Companies and personal names are usually added to your invoices, but you also can create a counterparty’s profile right there and see all the transactions in time.