When it comes to making a diagnosis, newly qualified physicians are taught early on “when you hear hoofbeats, think horse not, zebra” and this could just as well be applied to the AML space – most investors are not money launderers.
With the imposition of a myriad of sanctions against Russian individuals last year adding to the already complex AML/CFT compliance landscape, AML professionals hear a lot of hoofbeats. The challenge is therefore how, in a time-sensitive environment with limited resources, to catch the criminals without scaring off legitimate investors. As the latter far outnumber the former.
AML documentation presented in another person’s name is often a red flag. Whilst there could have been a logical explanation this should have triggered further review before signing Yevgeny Prigozhin’s paperwork off.
At IDR we hold over 40,000 investor profiles on our central hub. In conducting KYC checks on behalf of our clients we undertake a forensic examination of a wide range of factors. We’re able to do so by bringing all the data together in a central location, with an expert team who knows what they’re looking at. So, when we say we’re satisfied with the documentation, our clients can be certain they know who they’re dealing with.
