No products in the cart.
Due diligence is a crucial element of a comprehensive compliance strategy that safeguards businesses from the devastating effects of financial crime. It’s not without risk especially in areas such as Latin America where unique dynamics require tailored strategies.
To mitigate these risks to minimize the risks, you need to keep track of any changes in factors that could affect the due diligence process of an organisation. These may include changes to local regulations and geopolitical and economic trends or even the proliferation of new technologies and methods. Staying up-to-date with these trends will ensure that your due diligence processes are up to date and effective.
For example when a risk assessment identifies an individual as a politically exposed individual (PEP), you may need to carry out enhanced due diligence on them. This usually means checking additional documentation and verification methods to establish the source of their wealth and funds and finding their ultimate beneficial owners (UBO) and analysing their transactions patterns to find possible money laundering or other illegal activities.
Based on the risk, you might also consider conducting thorough checks of their current business operations, including the nature and nature of any third-party partnerships. It is also possible to look over contractual commitments in order to determine whether they could pose a risk of non-compliance. Additionally, you may be interested in involving an expert third-party due-diligence service to help you with your own review procedures. These services usually provide access to more comprehensive databases as well as the expertise needed to conduct an accurate risk assessment.
