Our due diligence goes deeper and further
While conducting an enhanced due diligence project covering multiple jurisdictions in the Asia-Pacific and Middle East regions, we found that six members of an extended family had the same “life” assured and had taken out life assurance policies as a method for money laundering.
Using a combination of proprietary research skills, a network of country and industry experts in 11 countries in the Asia-Pacific and Middle East, Case Manager, Alex Chow, uncovered one of the biggest insurance fraud schemes in the regions operated by members of the extended family using a system of holding companies and offshore investment entities.
We further found that some of the family members were sanctioned and blacklisted individuals for doing business in North Korea and Iran.
We demonstrated to the Client that thorough due diligence involves more than just a plain review and analysis of publicly available information or what your partners tell you during onboarding due diligence and KYC vetting.
Alex Chow, Research & Analysis Team (Shanghai)
Alex has conducted dozens of cases ranging from FCPA/anti-corruption due diligence to internal investigations for multinational companies, law firms, regulatory bodies and financial institutions. His focus is in Greater China, where he has been based for eight years and has developed an understanding of local compliance laws and regulations.