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Latin America Due Diligence Risk Factors

Due diligence is a crucial component of a comprehensive compliance program that protects organizations from the devastating effects of financial crimes. There are risks particularly in regions such as Latin America where unique dynamics require customized strategies.

To minimize the risks To reduce the risk, it is vital to be aware of changing factors that could affect an organisation’s due diligence process. These include changes to local regulations as well as economic trends, geopolitical events or even the proliferation of new techniques and technologies. These factors can aid in ensuring that your due diligence processes are up to date.

For description instance If a risk analysis indicates that a person is politically exposed (PEP) then you might be required to conduct a more thorough due diligence on them. This typically involves conducting a thorough review of additional documentation and verification methods to determine the source of their wealth as well as their funds and identifying their ultimate beneficial owners (UBO) and analysing their transaction patterns to identify possible money laundering or other illicit activities.

Based on the level of risk, you may be able to conduct thorough examinations of their current operations, including the type and nature of any third-party relationship. You might also want to examine contractual obligations to determine if they create an issue of non-compliance. Also, you might be interested in involving an expert third-party due to diligence service to support your own review procedures. These services can often provide access to more comprehensive databases as well as the expertise needed to conduct a thorough risk assessment.

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