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A new way for businesses to avoid working for dodgy customers

The Australian corporate regulator, ASIC, has release a new smartphone application they say will help small business owners undertake important checks before they enter into business transactions with other organisations.

When discussing the new app, ASIC Commissioner Greg Tanzer said, ‘What you see on the surface isn’t always what you get. Due diligence needs to start [when you’re thinking about] a relationship with a business, not after you find out you’re chasing money from a business that doesn’t exist. ASIC’s Business Checks app provides some general guidance on the steps small businesses can take to reduce the risk of being swindled by unreliable operators and fly-by-night businesses.”

The app is available for smartphones and tablets, and reminds business owners to:

  • ask the right questions about the company, business and individuals they’re dealing with;
  • check ASIC’s registers and verify that the information they’ve been given is accurate;
  • seek ASIC’s help if they need more information or the support of a professional business adviser; and
  • report suspected misconduct to ASIC if they believe a company, business or individual is acting unlawfully.

In our experience, understanding exactly who you’re dealing with is crucial to ensuring that you put appropriate safeguards in place, so reminders of the sort provided by the app could be an important part of a business owner’s risk-minimisation toolkit.

ASIC Business Checks is available now on iTunes and Google Play.

ASIC Business Checks Apple Store
ASIC Business Checks Android Store

FWO is committed to helping small business avoid untrustworthy deals and solving the problems that arise from them. If you need advice in relation to a commercial dispute, please contact Stephen Campbell on (02) 6650 7019

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