It is likely that Due Diligence has been performed well when these critical questions are answered:
- Who is controlling the transaction?
- Where is the money (company/value) coming from?
- Why is the money (company/value) being moved (purpose, how)?
If Standard Due Diligence cannot answer these questions, Enhanced Due Diligence (EDD) is required. If EDD is unable to answer these questions, the determination may be that the client relationship/transaction is not appropriate for the institution performing the due diligence.
Read this article to understand:
- How Due Diligence is changing
- Fraud vs Financial Crime
- Why the rules of the game have changed
- Whether your due diligence is up to par
- How new technologies can help
- Whether technology is always the right choice
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