There are instances where even Enhanced Due Diligence is insufficient. especially where Source of Funds, or absolute identification of Beneficial Ownership is a mandatory component of your investigation. Some instances where this is the case:
(1) Immigrant Investor Programmes. where government agencies require strict verification of Source of Funds information.
(2) Taking on a new business partner, mergers & acquisitions, and other complex transactions.
(3) Investing in the developing world, where a Western investor is taking a minority share in a local company. You do not want to be associated with someone who is a liability.
(4) Investing in Crypto Currency and also securities to confine that there are no OFAC, InterPol or SEC open files on shareholders, directors and employees.
There simply is no commercially available source of what I can only designate as Enhanced Due Diligence Plus, and it is sorely needed. Where would one go for such business intelligence ? Probably the larger private investigative firms, but they do not always have asset in the specific area you need.
There is a real gap here; however, Eddi Iq Inc. based in the State of Delaware with offices in Hungary, UK, Moscow, Israel and in Canada use Facial Identity Recognition to conduct an Extensive Due Diligence on behalf of clients and in fact we conducted and matched photos of residents of British Columbia on a Facebook site and found 2 Pedophiles from Russia; a fraudster from Ukraine and a wanted killer from Egypt. These photos have been submitted to the National Law Enforcement of Canada.
Contributed by Kenneth Rijock - Financial Crime Consulted
Chronicles of Monte Friesner - Financial Crime & Compliance Analyst