A roundtable discussion on the topic “Guidelines for Counterparty Due Diligence” was held at the Institute of Mineral Resources as part of efforts to strengthen anti-corruption measures and ensure transparency in contractual processes.

The session was conducted by Compliance Officer U. Raupov and Chief Legal Advisor Sh. Odinaeva. Employees of the Accounting Department, the Economics and Financing Department, as well as the Procurement Agent (Category I) participated in the meeting.

During the event, participants were introduced to the provisions of the Guidelines and discussed the following key issues:

• the regulatory and legal framework and internal regulations;
• approval of the standard list of documents (founding documents, extract from the registry, documents confirming the authority of the signing person);
• algorithms for verifying counterparties through open sources (tax authorities, websites of enforcement officers, completion of a checklist by the procurement officer, and work with registries);
• risks related to working with contracts;
• employee responsibility for non-compliance with established procedures.

In addition, the procedure for documenting due diligence results was explained, and participants’ questions were addressed. It was emphasized that the application of the Guidelines in the process of concluding contracts is mandatory.

It was noted that proper counterparty verification plays an important role in anti-corruption efforts and helps reduce financial, tax, and reputational risks of the Institute.