DUE DILIGENCE
February 1st, 2003
BY KEITH NUTHALLFINANCIAL institutions, including insurance companies, have a deepening awareness for the need to check the honesty of their potential business partners, claims the International Chamber of Commerce. Indeed, the number of banks requesting due diligence checks from its Commercial Crime Bureau (CCB) in 2002, went up 51 per cent over the previous year, it said. CCB Director Captain Pottengal Mukundan said the sharp increase revealed an increasing sophistication amongst all financial institutions in the fight against fraud and money laundering. Of the ...
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