We have known for several years that the many high-profile Russians – particularly those who have derived substantial financial benefit from the corrupt Putin regime – have utilized numerous tools to avoid the disclosure of their ill-gotten gains. These include complex offshore structures, family members, front men (and women) and professional enablers acting as nominees.
The exponential growth of China’s economy has been reflected in the increased number of due diligence requests in the country that Proximal Consulting has been receiving over the last five years. China has become one of our speciality jurisdictions because of our experience and the reliable information that we can obtain which enables our clients to fulfil their enhanced due diligence requirements
There is no strict definition for a ‘High Net Worth Individual’ (HNWI) but it is commonly accepted worldwide that to become a HNW member a person will possess over one million dollars in liquid financial assets. With levels of wealth increasing over the decades, a person can also now be categorised as an ultra-HNWI: a person with available assets in excess of 30 million dollars.
Welcome to the Proximal Consulting blog. We will be regularly posting blogs on the following topics:
AML (Anti Money Laundering)
KYC (Know Your Customer)
Due diligence and EDD (Enhanced Due Diligence)
Financial and business crime
Fraud
Sanctions
Offshore banking
Terrorist Financing
Proximal Consulting have over 20 years’ experience in providing KYC enhanced due diligence background reports on individuals and companies on a global basis. Additionally, we offer a complementary range of services including AML training, country risk reports and bespoke investigations.
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Cheap, secure and easy technology has been a major enabler in the growth and expansion of organized crime networks in the last 25 years. Criminals no longer need to loiter in public phone boxes, talking in some kind of code: instead they can get a military grade encrypted communications device in the palm of their hand for the price of a few hours work.
This is a specific multistorey car park located in a provincial town in the United Kingdom. I know it well, as I frequently park there. It is built behind one of the town's main shopping streets and has an entrance inside to the back of a major chain store. So it is not really remarkable in any way….
The perception that still endures of money laundering is of a suspicious character turning up at the counter of a bank with a suitcase (probably helpfully labelled swag) overflowing with used notes. Amazingly in some countries - and with some banks - this may still happen, but nowadays most money launderers run very sophisticated global operations.
