Enhanced Due Diligence (EDD) is something all UK businesses should carry out before they enter into a transaction with a new client, customer, supplier or partner.
At Global Investigations, our team of private detectives are highly trained and experienced in carrying out enhanced due diligence services, making sure businesses stay compliant with the money laundering regulations, and ensuring there are no gaps for thieves and fraudsters to slip through.
What is Enhanced Due Diligence (EDD)?
Enhanced Due Diligence is one of the Know Your Customer (KYC) processes, which involve businesses making sure they know exactly who they are dealing with and what behaviour they should expect from them.
The due diligence process is the initial stage of the Know Your Customer process, whereby a business will check your identity documents to make sure you are who you say you are.
Due diligence is necessary for companies to remain compliant with the money laundering regulations and avoid falling foul of money launderers, identity thieves, fraudsters and terrorist organisations.
How Can Private Investigators Help with Enhanced Due Diligence?
On all of our enhanced due diligence checks, the requirements are normally client-led and very individual to the situation or the role of the instructing firm.
Our team of private investigators will, of course, concentrate on areas of identification. These include integrity checks on criminality, fraud, government and authority wanted files, employment verifications and business reputation. If required, we will also investigate any registered debt and wealth searches as well as finance checks.
We would also undertake deep open-source intelligent checks (OSINT) and thorough press and media enquiries. Of course, PEP’s will also be checked as well as any local or national sanctions and any inappropriate management interests – including potential self-dealing, nepotism and related party transactions.
Enhanced Due Diligence Procedures
Before we undertake the checks, we would clarify the requirements of the work and provide an accurate estimate on price and duration for each enquiry. For individual checks, we would agree on the defining elements. Some of these elements are listed below; some will not be relevant for the business or the industry in view.
- How many heads we are investigating personally and to what extent you would like us to go to
- Whether we are required to make visits to any addresses or premises, either in a covert way or pre-planned
- The speed of the enquiry, do you have any time constraints?
- Inappropriate manager interests, including all potential self-dealing, nepotism and related party transactions
- All regulated PEP checks on all regulated parties
- Sanction checking worldwide
- Source of wealth confirmations and validations
- Misrepresentation on CVs and inaccurate descriptions of professional employment
- Full trading analysis and if required covert unannounced visits and audits
- All directorships and share involvements & business records and trading relationships
- Criminal or civil litigation or adverse regulatory actions
- Where the people or previous checks are based, how much of the work will be undertaken in the UK, are there any other foreign domiciles to check?
We also undertake many related enquiries in the sector like KYC searches, M & A led enquiry’s and CV and resume checks as well, having – as our name would suggest – a global reach and coverage and employing many bilingual agents at the company to help with any language issues.
Enhanced Due Diligence Services from Global Investigations
Not all businesses have the time to look into the background of a potential new customer, supplier or partner in as much detail as they’d like. This is why they look to private investigators to carry out their enhanced due diligence for them.
Private investigators like Global Investigations can help by using a variety of sources to scrutinise a company or individual’s background. They do this to verify that they are who they say they are, and to make sure they have no unsavoury links that could cause you problems over the course of the transaction.
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