Enhanced Due Diligence Reports / Detailed KYC Background Checks on High Net Worth Individuals
What is the Definition of a High Net Worth Individual (HNWI)
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' worth of 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 in excess of 30 million dollars' worth.
HNWIs reside across the globe, but the countries with the highest populations include the United States, Japan, China and the United Kingdom. For many banks and financial institutions, managing the wealth of HNWIs can pose significant risks. In this current era, money laundering, corruption, and terrorist financing activities occur on a daily basis across the world. The HNWI may be unlawful in their own business activities, or they could be placed in a difficult position as a result of their connections and relationships. Politically exposed persons (PEPs), those associated with royalty or government ministers, could be pressured into assisting with financing fraudulent activities. With the ability to utilise off shore bank accounts, avoid tax payments, and transfer monies globally on an anonymous level, the risks to the world's financial organisations are huge.
How Proximal Consulting Can Help
With the amount of worldwide HNWIs in existence, a figure which will always continue to rise, the banking and financial sectors require specialist assistance in understanding the identity of their high net worth clients and the source of their wealth, enabling them to make informed decisions and fulfil AML obligations.
Proximal Consulting has been assisting the financial industry since 1999, providing enhanced due diligence reports which will confirm whether a customer or partner (prospective or existing) is providing complete and accurate information. Our detailed research will also uncover any existence of criminal activity such as money laundering, corruption, terrorist financing or fraud.
Through a combination of extensive and proven investigative tools, together with reliable associates providing in-country intelligence, we can determine the legitimacy of an individual or legal entity in numerous and various countries. Whilst in some countries, the investigations into private individuals can be severely restricted, over the years we have gained considerable expertise in successfully conducting investigations in these more guarded areas.
In terms of our investigations, we seek to confirm the following information during the course of our enquiries:
- Confirmation of identity
- Current and/or previous residential addresses
- Past and/or present passports issued to the subject of our report
- Information regarding the subject's family members and civil status
- The subject’s career history and professional background, including corporate positions and shareholdings
- Any negative or detrimental material regarding the subject and the subject's business interests
- Whether the subject should be viewed as a PEP (politically exposed person) and/or a close family member or associate of a PEP
- Any links between the subject and organised crime, money laundering, corruption, business crime and/or any other type of criminal activity
- Sanctions risks
Client confidentiality is of the utmost importance to us and all of our enhanced due diligence checks are conducted in a totally discreet manner.
Our enhanced due diligence reports on individuals and corporate entities will not only ensure that the legal and regulatory obligations of our clients have been met, but they are also designed to safeguard our clients from any financial, legal, operational, or reputational risks.
All our enhanced due diligence reports are tailor-made to our clients’ requirements at a fixed price and within an agreed time frame.
Our resources section features client case examples, frequently asked questions and fact sheets of key AML topics alongside our archived white paper collection.