Wednesday 1 March, 12:00pm (UK)
Supplier onboarding has become increasingly challenging and complex in recent years. A major factor that has contributed to this situation is the ongoing conflict in Ukraine, which has resulted in heightened security concerns and economic instability, making it more difficult for companies to manage their supply chains.
In addition to the ongoing conflict in Ukraine, new legislation and regulations have been introduced to tighten restrictions on oligarchs and their illicit gains. This has resulted in increased scrutiny of suppliers, making the onboarding process more comprehensive and time-consuming. Furthermore, new jurisdictions like Turkey and the UAE have been grey-listed by the FATF for money laundering, which has led to increased regulatory requirements and a need for more due diligence in the onboarding process. The difficult economic circumstances and supply chain challenges only add to the complexity of supplier onboarding, making it increasingly difficult for companies to manage their suppliers effectively.
Overall, these factors contribute to a more complex supplier onboarding process, requiring more time, resources, and attention. Conducting effective due diligence including sanctions screening and understanding who the supplier is and who their UBOs are is vital to preventing serious compliance failures.
In this webinar, VinciWorks will take you through:
- The supplier onboarding process
- Undertaking money laundering and sanctions checks
- How to ensure AML compliance
- How to assess risk levels and create a due diligence audit trail
- What tools and resources you need for supplier onboarding
- New regulations in the EU, UK and US to take account of when supplier onboarding
