Latin America Due Diligence Risk Factors

Due diligence is a crucial element of a comprehensive compliance plan that safeguards businesses from the terrible consequences of financial crimes. It’s not without risks especially in areas such as Latin America where unique dynamics require specific strategies.

To reduce these risks To reduce these risks, you must be aware of any changes in the factors that could affect the due diligence of an organization. These include changes to local regulations or geopolitical and economic trends or even the proliferation of new techniques and technologies. These factors can aid you in ensuring that your due diligence procedures are current.

For instance when a risk assessment determines that an individual is a politically exposed person (PEP) You may need to carry out enhanced due diligence on them. This usually involves checking further documents and confirming methods to determine their source of wealth and money. It also involves identifying the ultimate beneficial owner (UBO) and looking at their transaction patterns to determine if they are involved in money laundering or illicit activities.

Depending on the risk, you may also want to conduct thorough assessments of their current business operations, including the type and nature of any relationships with third parties. This could include looking at contractual commitments to assess whether they pose a compliance risk. Finally, you might be interested in involving an expert third-party due to diligence service to assist your own review process. These services often offer access to more extensive databases as well as the expertise needed to conduct an accurate risk assessment.

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