DUE DILIGENCE
February 1st, 2003
BY KEITH NUTHALLFINANCIAL institutions are increasingly checking the honesty of their potential business partners, claims the International Chamber of Commerce. 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. Of the 4,283 enquiries lodged, 71 per cent were due diligence checks on individuals and companies in advance of any business transaction. CCB assistant director Paul Merrett said that the increase was mainly fuelled by regulations, such as new anti-moneylaundering ...
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