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business profiling - individual and corporate |
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New Business Profiling - Individual and Corporate |
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Money Launderers and those planning other sorts of financial crime are becoming
increasingly sophisticated in their methods of concealing the nature and
extent of their operations. |
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Theft or forgery of official documents of identity is widespread, and elaborate
layers of cover may be built up, often involving innocent or not so innocent
intermediaries and service providers such as lawyers, accountants, insurance
brokers and banks. False references, shell companies and accommodation addresses
may all be used to create an impression of financial respectability. |
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The new global regulatory climate and an increasing awareness of the threats
posed to their reputation and profits by organised crime, is compelling
financial institutions to exercise increased vigilance in evaluating potential
new business. Frequently however, such institutions are having to make major
decisions based on minimal information, much of it difficult to verify. |
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The problems facing financial institutions in deciding whether to take on
new business become particularly acute when the source of that business
is located in a relatively economically underdeveloped country or in the
emerging market areas such as South and Central America, South Africa, the
Pacific Rim, Eastern Europe and the former Soviet Union. |
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Financial institutions may therefore find themselves in the position of
either having reluctantly to turn away business solely through lack of the
ability to verify representations which have been made, or alternatively
accepting it and compromising their risk management practices. |
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KYC offshore has a worldwide network of reliable information providers (hyperlink
to research resources page), deployed on behalf of its clients. Professional,
confidential and timely enquiries can be made worldwide into the identities,
backgrounds and activities of potential customers. |
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The application of individual and corporate profiling is not, however, confined
to enabling institutions to comply with anti-money laundering laws and to
protect themselves against reputational damage. Deployed in the context
of credit committee work or of acquisitions or mergers the resources of
KYC offshore can provide invaluable insights. |
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