TRACE serves the needs of its member intermediaries and the multinational companies that retain their services by maintaining extensive “due diligence” files on its member intermediaries and providing these files to member companies. By maintaining one file designed specifically to meet the anti-bribery compliance requirements of multinational companies, TRACE saves its member intermediaries the time and expense of having to respond to these requests from each principal. Thus, TRACE member intermediaries are essentially “pre-vetted” partners for multinational companies seeking to do business with entities that share their commitment to transparent business practices.
Trace due diligence reports are prepared to a single
high standard: The TRACE Standard for Doing Business with Intermediaries
Internationally. Many of TRACE’s member companies rely solely
on the TRACE due diligence reports to determine anti-bribery compliance
qualifications during the intermediary retention process.
TRACE
bases its review process on best practices identified by leading
multinational corporations, guidelines from the U.S. Department
of Justice, and case law.Reports include:
Detailed
company information
Business
and technical qualifications
Company
ownership and management and whether any government official
or political candidate has any ownership interest
Family
relationships of individuals, owners or management, and whether
they have ties to the government
Financial information
or a financial reference, to ensure that the individual entity can meet its
obligations
Curriculum vitae
At least three
independent business references
Review
of employees and third parties, if any
Disclosures
of private bankruptcies or law suits, if applicable