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Counterparty Due Diligence on Metalshub

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April 12, 2018

Buying for the very first time from a new supplier or selling for the very first time to a new customer makes almost everyone feel a bit uncomfortable.

An important reason to perform customer or vendor due diligence checks is to reduce the risk of doing business with fraudulent companies or companies which could harm your company’s reputation. In the EU, the USA and many other regions, it is also required to comply with anti-money laundering legislation.

Companies who are already doing these checks know how much time and effort it takes for each new customer. This left us in the Metalshub team with the question: why does everyone has to do the checks on everyone?

Therefore, we have developed a rigid customer due diligence process at Metalshub. By collecting data from the companies themselves and other reputable third-party information providers, we can provide:

  • Letter of Incorporation (business registration forms)
  • Beneficial Ownership Structure (Main Shareholders)
  • Identification number (VAT no, Registration no, Pan no, etc)
  • Sanction, politically exposed person, and law enforcement checks on the company and its directors
  • Financial statements
  • REACH registration checks

All users on the Metalshub platform have been screened using this process. Only once approved, users can trade on the platform. This is an advantage of trading on Metalshub, you are doing business in a safe and trusted environment.

Detailed KYC files can be purchased from Metalshub. Just send an email to: kyc@metals-hub.com.

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