Due diligence is one of the most crucial elements of a comprehensive compliance plan safeguarding businesses from the devastating effects of financial fraud. It’s not without risk especially in areas like Latin America where unique dynamics require specific strategies.

To reduce these risks, you must keep track of any change in factors that could affect the due diligence of an organization. These may include changes in local regulations, economic trends, or geopolitical events. These factors will aid you in ensuring that your due diligence procedures are up-to-date.

If, for instance, you identify an individual as a PEP (politically exposed person) It could be necessary to perform enhanced due diligence. This usually involves checking additional documents and confirming methods to determine their source of wealth and assets. It also includes identifying the ultimate beneficial owner (UBO) as well as analysing their transactions patterns to determine if they are involved in money laundering or illegal activities.

Based on the degree of risk, you may also want to conduct detailed reviews of their current business operations. This includes the nature and type of any third-party relationship. You might also want to examine contractual commitments to determine if they are a risk of not being in compliance. You might also consider engaging an outside due diligence expert to aid your review process. These services usually have access to more comprehensive databases, and they can offer expertise in conducting an extensive risk assessment.

http://www.getvdrtips.net/angel-investor-due-diligence-checklist

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