TRACE, the world’s leading anti-bribery standard setting organization, has completed its rigorous due diligence review of Venice Joint Trading Company (Fawaz Khalid Al Marzouq & Partner). Accordingly, TRACE has granted Venice Joint Trading Company, the TRACE Certification, which demonstrates the company’s commitment to transparency in international commercial transactions.
TRACE Certification due diligence reports contain a wealth of anti-bribery compliance information establishing that a commercial intermediary has been thoroughly vetted, trained and certified by TRACE. To successfully complete a review, a TRACE Certification candidate must provide detailed responses to a broad-ranging questionnaire that includes:
- Detailed company, affiliate and subsidiary information, along with corporate literature.
- Business registrations.
- Corporate ownership.
- Identification of and CVs for owners, directors and key employees.
- Additional ownerships, directorships and employment of all owners, directors and key employees.
- Current and previous government employment of all owners, directors and key employees.
- Three business references.
- One financial reference or audited financial statement.
The TRACE certification process also entails an in-depth background search spanning the past ten years as well as a search for denied party screening. A candidate company must adopt a code of conduct, conduct a mandatory anti-bribery training course and update its due diligence information on an annual basis.
TRACE provides an end-to-end, cost-effective and practical solution for anti-bribery and third party compliance for global organizations. The TRACE Anti-Bribery Compliance Solution offers multinational companies and their commercial intermediaries an unparalleled membership program, scalable and customizable training options and risk-based due diligence and advisory services. TRACE International is a non-profit membership organization that pools resources to provide members with anti-bribery compliance support while TRACE Incorporated offers both members and non-members customizable risk-based due diligence, in-person training and consulting services. With a shared mission to increase commercial transparency, TRACE International and TRACE Incorporated provide companies with one complete anti-bribery compliance solution. For more information, visit www.TRACEInternational.org.