Frequently Asked Questions

We have compiled a selection of frequently asked questions to help give an insight into our services. Please also explore our resources section for related information.

Should you have any further questions, or would like more information, please contact us. 

Do you offer a global service? 

Yes. Since 1999 we have completed investigations and KYC enhanced due diligence in over 140 countries and international jurisdictions. Our reports are tailor-made to each client’s requirements, thus fulfilling their enhanced due diligence requirements.

We have dedicated pages on the services available in respect of the work we carry out in the following locations:

You can view our KYC services section here.

Our services are not limited to the above jurisdictions and we offer a truly global coverage.

What are your prices?    

We carry out fixed price KYC background checks on individuals and companies based all over the world. We are particularly adept at providing background reports on high net worth individuals and/or associated corporate entities as well as on politically exposed persons (PEPs). Please contact us for more information about our prices and delivery timescales and to discuss your requirements.

Our KYC enhanced due diligence reports are a very cost effective and time efficient way of ensuring that your legal and regulatory obligations with regard to know your customer (KYC) enhanced due diligence are met and that you are not exposed to reputational, operational, legal or concentration risks.

There are some jurisdictions in which our normal pricing either does not apply or may not apply; these include Kazakhstan and China where each enquiry is dealt with on an individual basis and will be agreed with you prior to starting our investigations.

We are unable to state pricing without knowing a client’s specific requirements, so please  contact us for further information.

Do you offer an express service?

Yes we do. If your request is urgent we can escalate it and offer a quicker delivery time than our standard delivery framework. All fees will be fixed and agreed with you before we commence any work. 

We have an internal compliance team already, are you able to complement them on more problematic cases?

Yes we can. We have several clients who already have an in-house compliance team who then escalate problematic cases to us in order to conduct further comprehensive and thorough investigations. We also have clients with compliance software platforms who escalate cases to us that require enhanced due diligence checks.

Furthermore we can provide AML training and consulting services to ensure that your staff and relevant departments are fully compliant with the relevant regulations, laws and guidelines that are applicable. 

Are you able to offer a tailor-made service to our KYC requirements? Are your reports just database searches?

Our KYC enhanced due diligence reports are tailor-made to our individual client’s requirements. Detailed, personalised research is carried out on each case - differing from the usual database-led reports that often fail to meet enhanced due diligence requirements. Our reports present clear, detailed, accurate and confidential findings which assist our clients to make informed business decisions and to fulfill their AML requirements. 

We are able to draw on our vast experience of KYC, AML and EDD investigations, as well as the latest research tools, to offer a truly global reach in a cost effective manner. 

We are concerned about a potential business partner’s finances, can you help?

Yes we can. We have helped numerous clients analyze and review the finances of their prospective or existing clients in the context of AML and KYC checks. Please contact us for a confidential no obligation discussion about your requirements. 

We have an existing client and we are concerned about their business dealings, can you help?

Alongside requesting reports on potential business partners we are increasingly seeing clients who instruct us to perform KYC enhanced due diligence reports on established and long-standing customers or partners to ensure that our clients comply with the relevant AML regulations and legal framework. 

Please contact us for a confidential no obligation discussion about your requirements.

We are expanding our business operations to a new country, but are concerned about the risks reported there. 

We offer fixed price confidential country risk reports that:

  • Analyze both national and local risk, specifying examples and sources
  • Provide a detailed examination of political risks, which can assist in the identification of politically exposed persons (PEPs)
  • Identify financial and business risks
  • Identify money laundering and corruption risks
  • Outline any sanctions that are imposed on individuals or businesses concerned with the specified country

Please see our country risk report for further information, or contact us to discuss your requirements.

What about confidentiality?

Client confidentiality is paramount – we never divulge (under any circumstances) the names of our clients or the type of work we carry out for them. All information provided to us by our clients is treated with the utmost discretion. It is our aim to establish long-term partnerships with our clients so that we can be completely trusted to assist them in the most delicate and sensitive matters. Since 1999 we have established and maintained numerous client relationships on this basis. 


General KYC and AML FAQs

What is enhanced due diligence?

The FFIEC Banking Manual defines enhanced due diligence as:

"Customers that pose higher money laundering or terrorist financing risks present increased exposure to banks; due diligence policies, procedures, and processes should be enhanced as a result. Enhanced due diligence (EDD) for higher-risk customers is especially critical in understanding their anticipated transactions and implementing a suspicious activity monitoring system that reduces the bank’s reputation, compliance, and transaction risks. Higher-risk customers and their transactions should be reviewed more closely at account opening and more frequently throughout the term of their relationship"

Enhanced due diligence is not just applicable to banks, it applies to any organisation where KYC (know your customer) checks are relevant and relates to high risk clients, or clients (both existing and new) that present red flags or other associated warnings.

Please see our fact sheet on enhanced due diligence for more information:

 

What is a Beneficial Owner? 

The person(s) who ultimately owns an asset – in KYC terms this is the key individual(s) about whom checks need to be carried out. On occasions, particularly with offshore entities, the identity of the beneficial owner may not be disclosed in the public domain. Sufficient KYC checks will not be deemed to have been carried out if the identity of the beneficial owner(s) is not established and then subjected to verification.

What are PEPs and why should we be aware of them?

There is no universally accepted definition of a political exposed person (PEP). However, the Wolfsberg Group and the Financial Action Task Force (FATF)  define a PEP as a natural person of public functions (domestic or international) including, but not limited to, heads of state, senior judicial officials, and members of royal families.

The Wolfsberg Group provides the following information in respect of the possible increased risks posed by PEPs:

Relationships with PEPs may represent increased risks due to the possibility that individuals holding such positions may misuse their power and influence for personal gain and advantage or for the personal gain or advantage of family and close associates

We provide comprehensive and thorough enhanced due diligence reports on politically exposed persons (PEPs), as well as reports on their close associates and family members to ensure that your legal and regulatory obligations with regard to know your customer (KYC) due diligence are met and that you are not exposed to reputational, operational, legal or corruption risks.

To help you conduct ongoing monitoring, we can also provide regular update reports on PEPs. Furthermore, if an existing client becomes a PEP after commencing their relationship with you, we can provide updated intelligence on the individual(s). For further information, please see our sections on the services we offer in respect of relationships with PEPs and our PEP fact sheet:

We have a client that has substantial business interests in offshore financial centres, should we be worried?

In broad terms, an offshore financial centre (OFC) is a jurisdiction where a concerted governmental effort has been made to attract foreign business and investment through tax incentives, confidentiality and investor friendly regulations. 

The use of OFCs poses a number of risks, chiefly the maintenance of absolute confidentiality and secrecy creates the ability to disguise ownership of corporate vehicles through the use of nominee directors and bearer shares. There is no public disclosure of officials and/or beneficial owners of corporate entities registered in offshore jurisdictions, which presents a challenge for our clients when identifying the UBO (ultimate beneficial owner) in order to comply with the relevant KYC enhanced due diligence requirements.

Proximal Consulting are adept at identifying beneficial owners (a key aspect of enhanced due diligence checks), as well as unwrapping complex ownership structures using the range of sources that we have at our fingertips. Our comprehensive EDD reports enable our clients to make informed business decisions and fulfill their legal and regulatory obligations.

It is important to note that in most countries there is nothing illegal in corporate entities and individuals making use of OFCs. In addition, there is a perfectly legitimate market for OFC and many legitimate uses for OFCs, such as high net worth individuals who are seeking confidentiality, privacy and protection of their assets, or complex trade financing for companies. 

Further Questions?

Should you have any further questions, or would like more information, please contact us.