New Buyer Compliance Form

I. Compliance Overview

Review [Your Company Name]'s compliance policies and procedures with new buyers.
Provide an overview of legal and regulatory requirements applicable to the business relationship.
Discuss industry-specific guidelines and best practices relevant to the buyer's operations.

II. Buyer Information Collection

Obtain the buyer's legal entity name and contact details.
Gather necessary ID documents like business licenses or certificates.
Gather information on key stakeholders within the buyer's organization.

III. Compliance Verification

3.1 Legal and Regulatory Compliance

Verify buyer's legal status and ensure they are registered as required by law.
Ensure adherence to AML regulations and KYC requirements.
Check for adherence to data protection laws and privacy policies.

3.2 Industry-Specific Guidelines

Evaluate buyer's adherence to industry-specific regulations and standards.
Check product safety and labeling compliance if relevant.
Verify compliance with quality assurance standards relevant to the industry.

IV. Documented Acknowledgments

Get signed agreements confirming compliance with legal regulations.
Gather certifications related to industry-specific guidelines or best practices.
Securely store and access compliance documents for audits.

V. Risk Management and Due Diligence

Conduct risk assessments based on buyer's profile and industry risks.
Monitor for ongoing compliance and tackle any issues.
Establish escalation procedures for non-compliance or risk mitigation.

VI. Training and Awareness

Provide compliance training to relevant staff within the buyer's organization.
Share educational materials on regulatory updates and best practices.
Promote open channels for reporting compliance queries or concerns.

VII. Signature

I, who am addressed as [Buyer's Name], am stating that I have thoroughly reviewed, understood, and fulfilled all tasks described in this Compliance Checklist. This has been done following, and in adherence to, the established compliance protocols that have been determined and set forth by [Your Company Name].

[Buyer’s Name]

Date: [Date]