Frequently Asked Questions (FAQ)
What is TRACE’s Third Party Management System (TPMS)?
The TRACE TPMS is a single online interface that allows a company or individual to order and track TRACE due diligence reports online 24/7.
How much does the TPMS cost?
The TPMS is free to use. You only pay for the cost of the due diligence reports you order.
What types of due diligence reports are available through the TPMS?
TRACE offers several different types of due diligence reports, each tailored to a specific level of risk. Specifically, the following TRACE products can be ordered through the TPMS:
Please go to http://www.traceinternational.org/due-diligence/ for more information of the types of TRACE due diligence reports available at each level of risk.
In what languages is due diligence questionnaire currently available through the TPMS?
In addition to English (the default), the questionnaire is currently available in: Chinese, French, German, Italian, Japanese (NEW), Korean, Portuguese, Russian, and Spanish.
Can I order a TRAC number through the TPMS?
How do I know which type of report to order for each intermediary?
How do I get started?
I want to contact TRACE but I don’t like to fill out online forms. Is there another way to reach you?
What is “My Dashboard”?
The Dashboard is an at-a-glance summary of your activity in the TPMS. You can quickly see reports that have been requested recently, reports about to renew, etc. There are also some graphs and charts that summarize information about the intermediaries that have completed due diligence through the TPMS.
How can I change what shows up on My Dashboard?
Click on “Customize” and deselect any tables or graphs you do not want on your dashboard. Some tables are preset and cannot be removed.
How do I get back to My Dashboard from other pages?
Click on the “My Dashboard” menu and then select “View Dashboard” to return to your dashboard at any point.
Orders & Due Diligence Reports
How do I place an order?
Under the “Orders” menu, click on “Add new Order”. Select the product that you would like to order. On the next screen, you can choose to either order a specific quantity of reports, OR you may choose to enter a lump sum amount and draw down from the lump sum over time. If you would like to order a specific quantity of reports, enter the desired quantity in the boxes on the left. The system will automatically calculate the total. If you would like to order a lump sum, skip the columns on the left and just enter the total in the “Desired Order Total” field. Click “Next” to proceed to the payment page.
What is a "referral code" and what do I need to enter there?
Some companies are referred to TRACE by partner organizations. If you were referred by a partner organization, the organization will have provided you with a referral code to use. If you don't have a referral code, then you can leave that field blank.
I want to pay by a method that is not listed on the Payment Information page. What should I do?
Please contact TRACE and we will discuss the possibility of accepting an alternate payment method.
How do I request a due diligence report?
What is the “Internal Tracking Name/ID” for a third party?
Why did I need to enter the products I want on the Order page and then again on the Request Due Diligence Report page?
Can I add a custom message to the initial email that is sent to the intermediary?
Yes! On the "Add DD Reports" page, there is a field where you can enter a custom message to be included in the initial email. You can also save the message and use it again in the future by clicking the box next to "Save this Message for Future Use". Once you have saved messages, you can select them from the drop-down menu that will appear right about the free text field.
You can view and manage all of your saved messages by going to the "Company & Users" menu, then selecting "View Companies". You can manage the pre-set messages for each company in your hierarchy by clicking "View Pre-Set Messages" next to each company name.
I want to order different types of reports. How do I do that?
How can I track the status of my orders?
What does the Action option "Archive" do, and why would I want to use that?
"Archive" will hide a report from your DD Reports screen. You may want to archive reports for intermediaries with whom you are no longer working, so that they don't clutter your chart. You can always view your archived reports later by selecting the check box next to "Include Archived Reports" in the Filter options box.
Why are some reports listed in gray?
TRACEcertification reports are valid for one-year from the "start date". We will conduct continuous Denied Parties/PEP screening during that one-year period and will update the report if needed. After one year, if you have not elected to renew the report, or if you have requested that the intermediary pay for the renewal but they have not done do, the TRACEcertification report has "expired" and TRACE is no longer conducting continuous screening. Expired reports are displayed in gray to emphasize that they are no longer being screened and updated.
Please note that TRACEselect and TRACEcheck reports never include continuous screening.
Can I cancel a request for a report?
You can cancel a request for a new report where the intermediary has not yet submitted the questionnaire to TRACE. "Cancel Due Diligence Request" will appear under the "Action" menu for any report that is eligible to be canceled. Please note that if you cancel a request, the intermediary will be informed that the request has been canceled and they no longer need to complete the TRACE questionnaire. Please also note that when you cancel a request, you will receive credits to use towards another due diligence report; you will not receive a refund.
Can I re-order a canceled request?
Yes. Under the "Action" menu for a canceled request, you will have an option to "Re-initiate This Request". That will allow you to re-order the report without re-entering the intermediary's information. If you do not have any available credits, you may need to place an order for additional credits before you can re-initiate the request. Please note that "Re-initiate This Request" will place the same type of report ordered previously (TRACEcheck, TRACEselect, TRACEcertification, or TRACEcertification (sponsored)) – this action cannot be used to switch between services.
How long does the intermediary have to respond to the questionnaire?
A new report is automatically canceled 6 months after the report was ordered if the intermediary has not submitted the questionnaire to TRACE. A renewal report is automatically canceled on its anniversary date if the intermediary has not submitted the questionnaire to TRACE.
Both the customer and the intermediary will receive a "final notice" email one week before cancellation. If the questionnaire is still not submitted to TRACE within that one week time frame, the report is automatically canceled. You will receive an email confirming cancellation of the report. When a report is automatically canceled, you will receive credits that you can use towards another report, but you will not receive a refund.
Renewals & Refreshes
When is a TRACEcertification due diligence report renewed?
How do I set or change the renewal setting for a TRACEcertification intermediary?
- Renew, My Company Will Pay
- Renew, Intermediary Will Pay
- Do Not Renew
Who can change the renewal settings for an intermediary?
Any User with the "Manage Renewal Settings" permission can edit the renewal settings for an intermediary. User permissions can be changed at any time (by a User with the "Manage Users" permission) under the "Company & Users" menu.
Why can't I change the renewal settings for a TRACEcertification intermediary?
How do I know when a TRACEcertification report is about to renew?
Can I add a custom message to the renewal email that is sent to the intermediary?
Yes! You can set up and edit your custom renewal message by going to the "Company & Users" menu, then selecting "View Companies". You can manage the pre-set messages for each company in your hierarchy by clicking "View Pre-Set Messages" next to each company name. To set up a renewal message initially, click "Create", then type in your text. Click "Save" to save the message. To change the renewal message, click "Update", then edit your message and click "Save".
Please note that a renewal message added by a parent company will automatically "roll down" to all the sub-companies, unless the sub-companies set up different messages or check off the box next to "Do not include any personalized message in renewal emails".
Why are some renewals listed in red?
Renewals that have not been completed 15 days prior to the anniversary (expiration) date turn red to draw your attention to those reports. If a renewal reaches its anniversary date without being completed, you may still be charged for the report, even if the intermediary never completes the renewal. Please reach out to any intermediaries that appear in red on the DD Reports page and encourage them to complete the renewal process as soon as possible.
Can I renew any reports other than TRACEcertification reports?
How do I order a TRACEcheck or TRACEselect refresh?
Status & Recent Activity
How can I track the status of my due diligence reports?
What are the possible "status" options?
The five status options are:
- Initiated: Intermediary has been contacted and may or may not have started the due diligence questionnaire.
- In Progress: TRACE is in the process of reviewing the questionnaire and/or other documentation.
- Completed: Report has been completed and released.
- Canceled: Report has been canceled.
- Suspended: Report was suspended due to unresponsive intermediary or other unusual circumstance.
What are the possible "recent activity" items?
The following are the possible items that can be listed in the "recent activity" column. Please note that these items are not relevant to all report types, so the recent activities you see may not include all of these items:
- Consent Form Signed
- Consent Form Rejected
- Questionnaire Started
- Assigned to Associate
- Questionnaire Submitted to TRACE
- Clarifications sent to Intermediary
- Questionnaire Resubmitted to TRACE
- New Financial Reference Received
- All Financial References Received
- New Business Reference Received
- All Business References Received
- New Embassy Reference Received
- All Embassy References Received
- Reputational Screening Started
- Reputational Screening Clarifications Needed
- Reputational Screening Name Clarifications Needed
- Reputational Screening Completed (when Rep Screen status switched to "Completed")
- Training Assigned
- Training Started
- Training Completed
- Submitted to Manager for Review
- Manager Review Completed
- Sent for Final Signature
- Submitted Final Signature
- Report Released
- Intermediary Paid For Request
Why don't I see any "Recent Activity" items for my report?
There are two possible scenarios for not seeing any "Recent Activity" items:
- You just recently placed the report. The very first "Recent Activity" item is "Consent Form Signed/Rejected". If the intermediary has not yet logged into the system and reviewed the Consent Form, no Recent Activity items will be listed.
- The report is very old, including reports imported from our old systems. Older reports, including those imported from our old systems, may not have any Recent Activity items logged. Tracking the Recent Activity was a recent update and therefore it was not tracked for the older and imported reports. Recent Activity items will be logged for all reports going forward.
How do I see the status for just my renewals?
Under the search field for "Product", type in "Renewal". This will display only the renewal reports in the chart.
What is TRACEbasic?
TRACEbasic enables companies to cost-effectively screen large volumes of names against Denied Parties and Politically Exposed Persons (PEPs) databases and quickly identify individuals and entities that present a potential source of risk. Search results are displayed on the customer’s Third Party Management System (TPMS) dashboard. With TRACEbasic, users have the option to conduct a onetime screening or continuous screening for one year. TRACEbasic also allows users to conduct a Denied Parties only screening or to screen both Denied Parties and PEP databases with one search. You can enter just the name to be screened, or provide additional information to reduce the amount of false positive hits. Names are searched against hundreds of global regulatory, watch and sanctions lists.
How is TRACEbasic different from other TRACE due diligence products?
TRACEbasic is a very low-cost due diligence solution intended for the lowest risk third parties. In order to ensure the most cost-effective screening and timely results, users review any potential matches and rule out or confirm hits directly in the TPMS. Unlike with our other due diligence solutions, TRACE does not review the screening results to rule out any false positives and/or follow-up with the subject of search for further comments. If you are interested in TRACE reviewing the results and/or following up on the results, please consider a different TRACE Due Diligence Solution.
I see there are two options for screening type: Denied Parties Only Screening, or Denied Parties and PEP Screening. What is the difference between these two screening types? Can I change my selection later on?
A Denied Parties Only Screening searches against hundreds of denied entities and regulatory lists including but not limited to: Global watch, Regulation Authority, Securities Commission, Financial institutions, Press releases, Enforcement Actions, Excluded Parties, and key sanctions lists for both organizations and individuals.
A Denied Parties and PEP (Politically Exposed Persons) Screening searches the same lists as the Denied Parties Only Screening, and also searches against hundreds of global PEP lists in order to screen the names of, and positions for, government officials and employees serving in countries around the world.
It is not possible to switch your selection after the name has been screened, since the screening has already been completed with the parameters you specified. If you selected the incorrect screening type, you will need to complete a new screening. You may change the screening type you wish you use for a renewal (under "Update Renewal Settings"), but the change will have take affect until the renewal.
Can I JUST search for Politically Exposed Persons (PEP)?
TRACE does not currently offer a PEP-only screening. The current options are Denied Parties Only Screening, or Denied Parties and PEP Screening.
I see there are two options for duration of the screening: One-Time Screening, or Continuous Screening. What is the difference between these two screening duration options? Can I change my selection later on?
One-Time Screening will screen the name(s) only once, on the day entered. The results you receive will be a "snapshot in time". You will not receive notifications or updates regarding the name.
Continuous Screening will screen the name(s) continuously for one calendar year, from the date the screening group was initially entered. If selected, the sponsoring user will receive notifications or updates regarding the name throughout the year, if any new results or updates are found in the database.
It is not possible to switch your selection after the name has been screened, since the screening has already been completed with the parameters you specified. If you selected the incorrect screening duration, you will need to complete a new screening. You may change the screening duration you wish you use for a renewal (under "Update Renewal Settings"), but the change will have take affect until the renewal.
I want to screen names for more than one year. How can I do that?
You have the option to renew a screening annually. When you initially enter a screening, there is a "renewal setting" field at the bottom of the request page (if entering manually), or a column on the spreadsheet (if entering by file upload). This renewal setting will apply to all names in the screening group. You may change the renewal setting for the entire screening group, or for specific names in the screening group, after you have submitted the screening by going to the "Due Diligence" menu and then selecting "View/Search Due Diligence". Locate the screening group in the grid, and then select "Update Renewal Settings" from the "Action" menu.
Why do I need to select if a screening name is a person or an organization? Can I change my selection later on?
The database uses different search methodology and algorithms for name matching on people and organizations, in order to attempt to return only the most relevant results. Therefore, it is necessary to specify if a screening name is a person or organization.
It is not possible to switch your selection after the name has been screened, since the screening has already been completed with the parameters you specified. If you selected the incorrect type, you will need to complete a new screening.
How does entering a Country and/or Date of Birth with the screening name affect the results of the screening? Can I add/remove/change the country of date of birth later on?
Including the Country in a search will restrict your search to results with addresses registered in the country provided OR results with no address recorded in the database. For example, searching "ABC Company" with the country "United States" will return results for companies called "ABC Company" that are located in the United States, or companies called "ABC Company" with no address included in the database.
Including the Date of Birth in a search (available for people only, not for organizations) will restrict your search to results for individuals whose date of birth is within 2 years of the specified date. For example, searching "John Smith" with the date of birth "June 1984" will return results for individuals named "John Smith" who have birthdays from June 1982 to June 1986.
It is not possible to switch your selection after the name has been screened, since the screening has already been completed with the parameters you specified. You will need to complete a new screening if you want to add/remove/change the country or date of birth later on.
What is a screening group? Do I have to add each name to a group?
A screening group is a way to group associated screening names within the TPMS. Results are viewed by group. For example, you can screen ABC Company, John Smith, and Sally Smith, and group them under the name "ABC Company". You will then see all the results for ABC Company, John Smith, and Sally Smith on one page. The name entered as the group name will not be screened (unless you have listed it separately as a screening name).
You do need to add each screening name to a screening group. You may choose to enter each screening name in its own group. For example, I can screen John Smith and add this name to a group called "John Smith" if I want to see those results alone with no other results.
What is the difference between adding a name to an existing group or creating a new group?
You may choose to create a new group, or add names to an existing group. When you create a new group, you will be able to enter the group name and choose the different group settings. When you add names to an existing group, the existing group settings, including the renewal date, will be retained. This means that if you added a Bob Smith to your existing group called ABC Company one month prior to the renewal date of ABC Company, Bob Smith will be screened today, and the screening will be renewed in one month on the renewal date.
Can I edit the group settings of an existing group?
Yes. Go to the "Due Diligence" menu and then select "View/Search Due Diligence". Locate the screening group in the grid, and then select "Edit Group" from the "Action" menu. You can change the renewal settings for the entire group, or for specific names in the group, by selecting "Update Renewal Settings" from the "Action" menu.
I am reviewing the results of a screening, and I don't understand what some of the information means. How do I get more information on what some of the data means?
You may find the following pieces of data in results:
- Risk Score: A proprietary algorithm ranks every result on a scale of 1 to 100 based on a variety of factors, with 1 being the lowest risk and 100 being the highest risk.
- PEP Rating: A proprietary algorithm ranks each PEP result based on a variety of factors, including the country and position within the government, to estimate the risk associated with that position. The rating ranges from "A" to "D", with "A" being the lowest risk and "D" being the highest risk. The date the PEP Rating was last evaluated is also listed.
- Riskid: A unique number generated by the database to identify each result.
If you have questions about other specific items listed in a result, please contact TRACE or your product manager for further assistance.
Companies and Users
May I add other users to my account?
How many users can I add to my company account?
You can have an unlimited number of users.
Can I control access permissions for the individual users in my company?
I tried to login, but my username or password was not correct, and now my account has been locked! What do I do?
You account will be locked after 5 unsuccessful login attempts. To unlock your account, you will need to use the Forgot Password tool to reset your password.
How do I add a sub-company to my account?
How many sub-companies can I add to my account?
You can have an unlimited number of sub-companies. You can also have an unlimited number of hierarchy levels.
What is the benefit to creating sub-companies?
A user associated with a specific sub-company will only see the reports for that sub-company, as well as any sub-companies underneath that sub-company, rather than all the reports for the entire company.
Many customers find it helpful to set up corporate headquarters as the "top company", and then organize different divisions/units/subsidiaries as "sub-companies". Any user associated with the corporate headquarters will be able to view all of the reports, while users for each sub-company will only see the relevant reports associated with his/her sub-company.
Does a "sub-company" need to be a subsidiary?
No. You can use the "sub-company" hierarchy feature for divisions, departments, units, etc. You can also use it for wholly-owned subsidiaries. You can decide the organizational structure that works the best for you.
NOTE: Please do not add partially-owned subsidiaries as sub-companies. Partially-owned subsidiaries should obtain their own TPMS accounts.
How do I edit information about my company or my sub-company?
Who can I share reports with?
You may share a due diligence report with any other subcompany/division in your company hierarchy on the TPMS.
How do I share a report?
Locate the report you want to share on the "DD Reports" page. Click on the "Action" menu on the right. Choose "Share report" from the drop down menu. You will then be taken to a new screen where you can select which other division/sub-company you would like to share the report with. You will also be asked to select the user that requested the report. The user you select will receive any notifications related to the shared report (for example, notification when the intermediary has signed the consent form and the shared report is now available to the new division/sub-company).
I just shared a report, but the company I shared it with can't see it. Why is that?
When you share a report, TRACE contacts the intermediary to obtain consent to release the intermediary's information to the new subcompany/division. After the intermediary has signed the consent form, the shared report will be available.
Two subcompanies/divisions in my company share a report that is due to renew. Will my company be charged twice for the renewal?
No, the renewal fee will only be charged once. It will be invoiced to the subcompany/division that first requested the report.
What if the company that first requested the report no longer wants to sponsor the intermediary, but the company(ies) the report was shared with still want to sponsor the intermediary?
Each subcompany/division that a report is shared with can decide independently if they do or do not want to continue to sponsor the renewal of an intermediary. The renewal fee will automatically be charged to the original sponsoring company, unless that company has indicated they no longer want the renewal. In that case, the renewal fee will be charged to the shared subcompany/division that has been sharing the report the longest. If no subcompanies/divisions want to sponsor the renewal, you will not be charged a renewal fee.
What is the difference between "Email Report" and "Share Report"?
"Email Report" is used to send a report by email to another user in the TPMS. This is a quick way share reports of concern/extra interest. The user that receives the email will be able to use the link in the email to access the report, but the report will not be added to the user's dashboard.
"Share Report" is used to share a report between two divisions of a company. Since one division has already purchased a report, other divisions may have access to that report at no additional cost. Sharing a report will add the report to the new division's dashboard, and the report can be accessed by all users of that division with the appropriate permissions. For TRACEcertification and TRACEcertification (sponsored) reports, each division will be able to set their own renewal settings for a shared report.
Concisely, "Email Report" will send a one-time email to share a report with one specific user; "Share Report" will allow a new division to access the report indefinitely.
Who can I send messages to, and receive messages from, in the TPMS?
All accounts can send messages to, and receive messages from, TRACE directly in the TPMS. Premium accounts can also send messages to colleagues and intermediaries.
How do I send a message?
Under the "DD Reports" menu, select "Search DD Reports". Locate the report you would like to send a message about. Under the "Action" menu for that report, select "View/Send Message". This will show you all your messages for that report. Click "Send Message" at the top of the page. If you have Premium access, you can select if you would like the message to go to TRACE, a colleague, or the intermediary.
When I send a message to TRACE, I can't select who the message will be sent to. Who does the message go to?
When you send a message to TRACE, the system will automatically direct your message to the appropriate contact person at TRACE.
How do I see my messages?
You can see all your messages for all reports by going to the "Messages" menu and selecting "View All Messages". You can also view only unread messages by going to the "Messages" menu and selecting "View Unread Messages". To view only messages about one specific report, locate the report on the Due Diligence page and select "View/Send Message" from the "Action" menu.
How will I know when I receive a new message?
Every time you receive a new message, you will receive an email notification alerting you about the new message. The email notification will contain the text of the message. The new message will also be accessible in the TPMS. When you have any unread messages, the number of unread messages will appear in parenthesis next to the "Messages" menu.
How do I reply to a message?
You may reply in one of two ways:
- Reply directly to the email notification you received. If you reply directly to the email notification, the system will automatically save a copy of your reply in the TPMS and will alert the recipient about your reply.
- Click on the link in the email notification you received to view the entire message trail in the TPMS, and then click "Reply" at the bottom of the message. The system will save a copy of the reply and will alert the recipient about your reply.
Can TRACE view messages that are not sent to TRACE?
No, TRACE cannot view messages that are not sent to TRACE. If you have subscribed to Premium Access, you are able to send messages to colleagues and intermediaries, but TRACE is not able to view those messages. TRACE can only see messages you have sent to TRACE.
Data Retention Policy
How long does TRACE keep information it collects during the due diligence review?
TRACE keeps questionnaire data for incomplete reports (reports that were never released) for 6 months after the cancellation date. TRACE keeps questionnaire data and the final report for completed reports for 3 years after the released date (for TRACEcheck and TRACEselect reports) or the start date (for TRACEcertification and TRACEcertification (sponsored) reports).
Will I be notified before a questionnaire or report is deleted?
For incomplete reports, you will be notified by email one month prior to deletion. For complete reports, you will be notified by email one month prior to deletion and again by email one week prior to deletion. Additionally, the “Report to be Deleted” chart on your Dashboard page will list any reports scheduled for deletion within the selected time frame (up to 90 days). Lastly, you can locate the deletion date of any report by viewing the “Deletion Date” column on the Due Diligence Reports grid page.
What information will be deleted, and what information will be retained?
Basic identifying information will be retained and will continue to be displayed in your Due Diligence Reports grid page. For example, the intermediary’s name, the individual who requested the report, the type of report, etc., will be retained. Most of the questionnaire data will be deleted, excluding the questions used to fill in the graphs on your Dashboard page. All final report(s) stored in the system will be deleted. To summarize, you will be able to see that a report had been ordered, but the final report and most associated questionnaire data will be deleted.
I don’t want my reports deleted. Can I keep them indefinitely?
TRACE will not maintain a copy of a report beyond the deletion date. If you wish to retain a copy of a released report, you must download a copy and save it outside of the TPMS. Customers with TPMS Premium Access may save a copy to their Supporting Documents storage space indefinitely. Please note that the deletion will happen automatically on the deletion date. You must save a copy prior to that date.
Where can I find a list of TRACE Certified intermediaries?
How can I contact or get a report on a TRACE Certified intermediary?
If a TRACE Certified intermediary that has paid for its own report approves my request to view the report, where will I see it?
You will receive an email with a link to directly download the report. You will also be able to see the report on your "DD Reports" page, along with any other due diligence reports you have ordered.
Will I received updates if a TRACE Certified intermediary has paid for its own report?
If the TRACE Certified intermediary that has paid for its own report accepts your request to view its report, you will immediately have access to the current report. As long as the intermediary allows sharing of future reports, you will be notified if the report is updated by TRACE at any point during the year. You will also be notified when a renewal has been completed. Please note however that a TRACE Certified intermediary can un-share its report at any time, at which point you will no longer receive updates for that report. You will be notified if the intermediary has chosen to no longer share its report(s) with you. Reports that have been shared in the past will continue to be accessible to you, but new updates/renewals will not be delivered unless the intermediary decides to share the reports again.
I am a TRACE Corporate Member but I do not use TRACE’s due diligence services. Can I still use the Intermediary Directory?
TRACEpublic Ownership Registry
What is TRACEpublic?
TRACEpublic is the world’s only global beneficial ownership register. The database is publicly accessible and any company may list its beneficial ownership or search the database at no cost. Developed by TRACE International to encourage greater corporate transparency, TRACEpublic supports the efforts of companies seeking to conduct business ethically and to complete meaningful due diligence. The database contains beneficial ownership information on thousands of companies in more than 100 countries.
What is the difference between TRACEpublic and central registers of beneficial ownership information in individual countries?
While a handful of countries, including Denmark and the United Kingdom, have established central registers of beneficial ownership information, these registers are country-specific and not all of them are public. Companies in these countries are required by law to provide beneficial ownership information when they are incorporated. TRACEpublic is a global register that enables companies, regardless of country of headquarters, to voluntarily share their beneficial ownership information.
What is the benefit of sharing my beneficial ownership information with the public?
Secret company ownership can make it easier to engage in illegal activity, including bribery, tax evasion, embezzlement and money laundering, and contributes to the more than $2 trillion that is stolen from developing countries every year by corrupt officials, drug dealers, tax evaders and other criminals. Sharing your beneficial ownership information increases corporate transparency and underscores your commitment to conducting business ethically. Knowing and reporting your true owners eliminates the risk of abuse of anonymous company ownership. Your inclusion in the TRACEpublic database also provides you with a competitive advantage as multinational companies often require third parties to disclose beneficial owners as part of their due diligence process.
Several countries now require companies to disclose beneficial owners at the time of incorporation, and more are calling for disclosure of beneficial owners to end the use of anonymously-owned companies following the Panama Papers scandal.
What is the value of the database?
The database increases commercial transparency, provides a starting point for due diligence and enables companies to voluntarily distance themselves from the reputational stigma of secret companies.
Who can participate?
Any company may display its beneficial ownership information. Private companies, partnerships and sole proprietors are required to provide 100% of all beneficial owners for the first tier of ownership. For second tier owners and above companies are asked to describe owners. Publically traded companies, trusts and nonprofits are not required to provide 100% of all beneficial owners or second tier owners as the database is mainly designed for private companies to share their ownership information.
How do I search for beneficial ownership information?
To search the database, enter the name of a company or one owner in the search box to discover beneficial ownership information. You cannot view or download the entire directory; you must enter the full name or part name of a company or one owner to view results.
What information is required/what information is visible to the public?
The information displayed includes: legal name of entity, common name if different, company website, type of entity, city, country of headquarters, ownership information including percentages and the date ownership information was last updated. No other information is visible to the public.
How is the information displayed?
Basic ownership information is displayed in a table and users are able to download a PDF summarizing the information and including percentages and upper tier shareholders if provided. The consent form companies are required to sign lists exactly which items are included in the PDF and available to the public. Companies do not have the option to choose which items are displayed.
Is the information secure or open to the public?
The database is publicly accessible but only users with the full name or part name of a company or one owner may search beneficial ownership information; a list of companies cannot be downloaded. Additionally no sensitive information is displayed publicly. Only the legal name of a company, common name if different, company website, type of entity, city, country of headquarters, ownership information and date ownership information was last updated are visible.
How is the database funded?
The database is funded exclusively by TRACE International, a 501c6 non-profit membership association organized under the laws of the District of Columbia (USA), which is funded primarily by membership fees. TRACE International has no relationship with, and has taken no funding from, any government organization for this (or any other) project.
What is the difference between the TRACE Intermediary Directory and the TRACEpublic Ownership Register?
The TRACE Intermediary Directory, which is housed in the TRACE Third Party Management System, is a searchable database of pre-vetted third parties for hire which streamlines the process for identifying and contacting potential new business partners. All companies featured in the Intermediary Directory have completed TRACEcertified due diligence. TRACEpublic is a global register of beneficial ownership information that provides companies with a starting point for due diligence. Companies in the TRACEpublic register are not required to complete any TRACE due diligence review but may choose to do so if they wish. A “Tcert” report icon will appear next to the name of companies in the TRACEpublic register that have completed TRACEcertified due diligence which users may click on to request/purchase their report.
If a company is already in the TRACE Intermediary Directory is their beneficial ownership information automatically displayed?
No, companies must expressly agree to display their information by signing the online or hard copy consent form. Companies that do not wish to display their beneficial ownership information may simply opt out of the directory by emailing firstname.lastname@example.org or completing the consent form which includes an option to opt out (if you do neither, you will continue to receive future reminders).
Do you need to complete TRACEcertified due diligence to participate?
No, you need not complete any TRACE due diligence review to participate/share your information. If you wish to participate and are interested in completing TRACEcertified due diligence, we will waive the $2800 fee for the first year for companies that meet the below criteria. The $1400 renewal fee for TRACEcertified due diligence will then apply but you may continue to share your beneficial ownership in the TRACE Third Party Management System at no cost whether or not you renew.
To receive a TRACEcertification review at no cost:
- Company must have fewer than 100 employees;
- Company must be directly owned 100% by an individual or directly owned by a combination of individual(s) and no more than two legal entities; and
- Company must initiate the TRACEcertification process by August 31, 2016.
For more information, please contact Ingrid Kuan Marquez at IKuanMarquez@TRACEinternational.org.
*Companies and individuals referred/sponsored by TRACE Corporate Members and current and former TRACE Certified entities are not eligible.
Does TRACE validate the information provided by entities?
This is a voluntary initiative. TRACE relies on companies to self-report their beneficial ownership, collecting percentages to ensure they total 100 %. In most countries, this self-reported information cannot be definitively verified. The database nevertheless increases commercial transparency and provides a starting point for due diligence on these companies. As this is a voluntary initiative, the risk of falsehood is low as companies can simply opt-out; however TRACE accepts no liability for false declarations. If you find an error in our database, please contact us at email@example.com.
If a company knowingly lists incorrect beneficial ownership information, what is the penalty to that company?
If there is reasonable suspicion that a company has intentionally provided false information, they will be removed from the database.
How do I initiate a due diligence review on participating entities after identifying these entities’ beneficial owners on TRACEpublic?
If you already have a TPMS Customer account, please login with your account and then initiate the due diligence review as normal. Complete ordering instructions can be found on the TPMS FAQ page, and you can request a PDF ordering guide from your TRACE product manager or by contacting TRACE.
If you do not have a TPMS Customer account, or if you are not sure, please contact TRACE. We will set up/look up your account and then provide you with detailed ordering instructions.