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Business Partner Due Diligence with Siron® KYC at DyStar

Business Partner Due Diligence with Siron®KYC at DyStar

Case Study

Chemical compliance activities for all products and sales are controlled from Germany. The department for Global Product Safety & Ecology in Cologne ensures compliance with international and national requirements and provides consulting for responsible persons world-wide. Apart from compliance with and monitoring of chemical statutory regulations, the specialists from Cologne are also responsible for handling and verifying compliance with the embargo regulations.

To check business contacts for person and organization embargos world-wide, DyStar uses Siron® KYC by FICO TONBELLER. Monitoring is based on two sanction lists, OFAC (Office of Foreign Assets Control) of the U.S. Department of the Treasury and EU (list of the European Union). The lists contain persons and organizations that, according to decisions by U.S. or EU authorities, are either subject to monitoring or sanctioned. It is the aim of these lists to deny criminal and terrorist organizations and persons access to funds and supply of goods. Business with persons and organizations on these lists may result in civil and criminal prosecution.