Search wide, search well when conducting Enhanced Due Diligence enquiries.
It’s been a busy few months. Today I completed another two Enhanced Due Diligence reports. On the face of it two foreign businessmen who have a rather large empire. Initial searches didn’t turn up a great deal other than what I knew already. Even one of the best known compliance databases was of no assistance, returning a negative result.
For some reason I had a gut feeling things weren’t quite right. Then a snippet of a historical news item showed up (not in Google I hasten to add). Delving further it was apparent that one of the subjects had variants of his name. He had disclosed to the client the name that he preferred to be searched on.
The other names painted an entirely different picture. Allegations of corruption, an arrest, breach of contract and links to a political scandal. It underlines the importance of having an open mind when conducting these sorts of enquiries. Rely solely on subscription databases and you are likely to miss things, the same goes for using only one search engine.
Be broad in your approach, question what you see and think laterally. The results in this case were a game changer raising the risk level significantly to the client. I have to say it’s not the first time.
If I can help you with your Due Diligence enquiries or training please don’t be afraid to get in touch for a no obligation discussion. I can visit you or we can chat on the phone. Contact details are here.