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Russian Risk Climate: Due Diligence Highly Recommended

Russian Tax Authorities recommend conducting due diligence when contracting with new counterparties Corporations and proprietors are often faced with additional VAT and income tax charges due to insufficient Due Diligence when dealing with fraudulent companies (in Russia, ‘fly-by-night’ is a common term used for such entities). Many such entities are involved in tax scams, which prompted the Russian tax authorities ... Read More »

Alibaba.com Helps SMEs Build Trust in Cross-Border Trade with Trade Assurance

Alibaba enters trade assurance business as a free service to buyers who trade with Alibaba Trade Assurance suppliers Alibaba.com launched Trade Assurance, a free service designed to create trust in trade by giving businesses peace of mind when trading with China.  The ‘ultimate payer’ for the service are customers of Alibaba (suppliers) who qualify as Trade Assurance Suppliers. Through the ... Read More »

Thomson Reuters Partners with NGOs to Fight Human Trafficking

Powerful data analytics will enable companies to identify sources of labor in their supply chains and avoid risk of involvement in exploitation Thomson Reuters announced new partnerships with two of the world’s premier anti-slavery organizations to turn the power of data analytics onto corrupt labor brokers and people traffickers.  Companies and financial institutions can become unwitting participants in slavery due ... Read More »

Anti-money laundering Law to Create New Business Register for Europe

New rules on anti-money laundering could create an unprecedented central registry of European businesses’ real owners before 2018 after being agreed on by the European Council and endorsed by the European Parliament.  The fourth directive on anti-money laundering (AMLD4) – to stop terrorist financing and reduce tax crime – gives member states two years to complete a register of the ... Read More »

U.S. Lenders Reluctant to Switch to Better Performing Credit Risk Scoring Models

For an industry that prides itself for being sophisticated with the use of data and advanced analytics adoption to new credit scoring systems is a slow and expensive process. According to VantageScore LLC, three recent independently conducted surveys http://www.vantagescore.com/news-story/140 suggest that slightly more than 50% of the lenders interviewed would consider switching from their existing credit scoring system to one ... Read More »

TransUnion Partners with Global Debt Registry

TransUnion Partners with Global Debt Registry to Offer Registry Services for Debt Buyers and Financial Institutions TransUnion and Global Debt Registry (GDR), the pioneer and leader in debt information access and validation, today announced a collaboration to market GDR debt registry services for debt buyers, collectors and financial institutions. GDR’s debt registry offering enables debt owners to accelerate collections through streamlined access ... Read More »

Firms Fearful of Managing Merger Risks in Emerging Markets

Fraud, money laundering and corruption have been named as the key reasons Western businesses have low confidence in managing risks when investing in emerging markets, a new survey shows… Deloitte Financial’s poll of 1,300 financial professionals across the banking and securities, technology and investment management sectors show less than ten and a half per cent are confident about managing the ... Read More »

Credit Information Regulations in Russia:  Who has the Right to See a Credit History?

Russian citizens, as well as companies residing in the Russian Federation have the right to view their own credit history.  However if somebody wants to review credit history of a third person (company or consumer), prior consent is required in writing authorizing access to their credit records.  The Term “credit history” has only appeared in Russia since 2005. Since that ... Read More »

BIIA Welcomes Arachnys

The digital platform powering due diligence in emerging markets See our website here Review our data coverage here The only bespoke research platform designed for due diligence and compliance professionals Founded by former investigators and staffed by linguists, risk analysts and technology specialists Risk, KYC, AML information in over 160 frontier and emerging markets refined consolidated and translated in real ... Read More »

Rating Shopping – SEC Versus S&P

SEC Seeking S&P’s Suspension from Rating Commercial Mortgage Bonds The U.S. Securities & Exchange Commission is seeking to suspend Standard & Poor’s from grading commercial-mortgage bonds in what would be the agency’s toughest action yet against a major credit rater, a person with knowledge of the matter said.  S&P parent McGraw Hill Financial Inc. (MHFI:US) is still in talks over a possible settlement ... Read More »

FCIB Global: Compliance as Hot a Topic as Ever

Compliance appeared to have been the hottest topic among credit managers of companies presently exporting their goods and services at FCIB’s 25th Annual Global Conference last week.  Perhaps the biggest takeaway was that perfection isn’t always necessary to appease governments and regulators, but diligence most certainly is. As previously noted by NACM, regulatory activity and the size of fines for ... Read More »

Facilitating SME Financing Through Improved Credit Reporting

Editorial comment on the current hype on data protection in Europe and how it may impact SME access to finance in particular and access to finance by individuals in general.  Not too long ago the World Bank issued a paper on the subject of facilitating SME financing through improved credit reporting (see link below).  The paper originated from a notion ... Read More »

Compliance:  Opening a New Bank Account? You May Have to Wait Six Months

Anna Maxxone, Global Head of KYC Managed Services at Thomson Reuters recently gave an interview to CFO Innovation’s Cesar Bacani about how CFOs and treasurers can speed up the process of opening and operating bank accounts, understand the KYC (Know Your Customer) requirements banks are following and other issues. Ann quoted a recent study which has has found that 53% of ... Read More »

Accounting Scandal Hits Alibaba’s New Film Company

‘Big Deals are generally made in heaven’, meaning in clear text a particular deal is negotiated between principals, who are in a hurry and believe it they know all the facts.  Under such circumstances due diligence usually takes a back seat. Due diligence is now being questioned in the latest scandal involving Alibaba’s US$ 800 million acquisition of China Vision.  ... Read More »