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Banks, Trust companies and Lawyers may be faced with a situation where they
have lost contact with a client. They could be a bank account holder or
a beneficiary under a will or trust. Many hours can be spent in trying to
trace such people and that time may not be recoverable. |
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Such client funds are especially vulnerable to fraud (external and internal)
and firms are therefore obliged to operate enhanced controls to protect
themselves. Such controls are expensive and institutions will therefore
wish to minimise the number of clients falling into this category. |
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Quite apart from the risk factor, institutions clearly have in any case,
a fiduciary duty to use their best endeavours to seek out the rightful owners
of funds, but many unproductive hours can be spent doing this. |
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For a nominal fee, beginning at £90 per name, well researched database
records can be brought to bear which will invariably trace the person or
company which is sought. |
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