Reputed financial institutions keep finding themselves in the crosshairs of law enforcement authorities due to their lax approach to illicit money. The prospect of large bonuses and increasing returns trumps due diligence every day in Wall Street and City of London banks.
But then multibillion dollar fines bring much disrepute and have a difficult to quantify impact on share price in the long term. In-house KYC and due diligence must be conducted during onboarding processes, though its shortcomings have become evident. Outsourcing these services brings much needed objectivity: for someone whose turnover does not depend on servicing white collar criminals it is much easier to determine whether such business associations should be entertained.
At KYCTOOL we count on a vast network of strategically placed sources, as well as working relationships with some of the world's leading business intelligence firms. We can tap those resources and produce objetive research and due diligence in most Latin American countries.