Searches of online and local media sources are crucial to developing a comprehensive profile on a subject, especially when operating in highly corrupt countries. Continue Reading Uncovering the 'Healthcare Mafia': The Importance of Foreign Language Media Research
By Sun Shen Like many other major economies, China has been operating in a global context and has seen a dramatic increase in inflow and outflow of funds in recent years. However, as it becomes more and more integrated into the global economy, the country is exposed to multinational money-laundering schemes. Despite recent measures by… Continue Reading Money Laundering in China: Where Do Illicit Flows Come From and Where Do They Go?
Intelligence gathered from Investigative Due Diligence (“IDD”) can make or break a transaction. Before a typical partnership or M&A, clients will focus on several unique aspects in the due diligence process, but the three main categories are: Legal, Financial, and Investigative. Legal and Financial due diligence largely rely on documents and history provided by the… Continue Reading Investigative Due Diligence – Deep Dives – Vcheck Level II Report
Last Monday, Spanish Judge Carmen Rodríguez-Medel found evidence that the new leader of Spain’s opposition party, the conservative Partido Popular (People’s Party, “PP”), Pablo Casado, received a master’s degree in regional public law from Universidad Rey Juan Carlos in 2009 under questionable circumstances. Earlier last week, a student at the university who had a file… Continue Reading Evidence of Corruption Found in Spanish Degrees
As businesses scan the social media profiles of both prospective and current employees, companies are increasingly turning to partnerships with screening providers to avoid undesirable associations and mitigate headline risk. Leveraging a third party with expertise in comprehensively scanning profiles can not only help businesses identify red flags, but it can also reveal employees divulging… Continue Reading Social Media Screening
The United States Securities and Exchange Commission recently raised concerns about cryptocurrencies. Notably, in recent months, the SEC’s division of internal management sponsors to refrain from initiating registrations for funds investing in cryptocurrencies and related products, due to concerns about how such funds could comply with laws and regulations. Fiduciary Duties In particular, the internal… Continue Reading Cryptocurrency Compliance
According to a Peruvian investigative journalism news source, more than USD 2.2 billion linked to suspected criminal activities has entered Peru’s financial system since 1998 through clients with alleged ties to corruption, drug trafficking, illegal gold mining, and tax evasion. Two of the country’s largest banks reportedly did no respond to questions regarding their client… Continue Reading Billions in Illicit Cash Reportedly Entered Peru’s Financial System
Data, technology and automation have transformed the modern compliance program during a time in which financial institutions are confronted with greater complexity than before. Emerging risk categories, including narrative sanctions, beneficial ownership, and crypto currencies, and fintechs present financial institutions with increasingly difficult challenges to confront. Narrative Sanctions Historically, government sanction bodies provided the industry… Continue Reading Knowing Your Customer in 2018
VCheck Global, a leading provider of business to business due diligence background checks, has launched its new application to utilize advanced AI to scan social media data. The Company is offering this solution for corporate clients and financial institutions to gather and review an individual’s entire online identity which will generate an easy to read… Continue Reading Vcheck Global Announces Launch of Advanced AI to Scan Social Media Data in Connection with Background Checks and Due Diligence
On Wednesday, numerous mainstream media sources reported French businessman Vincent Bolloré, Chairman and CEO of the investment group Bolloré, was charged by French investigators as part of a probe into the possible use of bribery in two African nations in order to obtain port contracts from public officials. Specifically, the investigation concentrates on suspicion of… Continue Reading French Billionaire Charged in Bribery Investigation
Washington D.C., April 16, 2018 — The Securities and Exchange Commission today unveiled a public service announcement (PSA) to encourage investors to check the background of their investment professional by using the free search tool on Investor.gov before investing. Investor.gov, the SEC’s website dedicated to individual investors, provides investors with tools and resources to help them invest wisely and avoid fraud. “Investor education is an important… Continue Reading SEC Unveils Public Service Announcement To Promote Background Checks
On Thursday, Reuters reported the European Union extended sanctions for one year on Iran over human rights violations, after debating whether to impose a new set of penalties in an attempt to preserve the Joint Comprehensive Plan of Action agreement signed between the P5+1 countries (China, France, Germany, Russia, the United Kingdom, and the United… Continue Reading European Union Extends Iran Sanctions
According to The Washington Post, investigators have uncovered evidence of a multi-billion dollar corruption scheme which helped Iran evade sanctions for more than a decade. Iran is currently subject to United States Office of Foreign Assets Control (OFAC) sanctions for conducting destabilizing activites in the Middle East, including (but not limited to) the funding… Continue Reading Investigators Uncover Multi-Billion Dollar Sanctions Evasion Scheme
In order to better serve growing client demand in the region, Vcheck is proud to announce the launch of its Latin America platform, which includes an expanding suite of services in the investigative due diligence space. Professional Expertise Vcheck’s offerings in the Latin America region are enhanced by the talent of our expanding team, which… Continue Reading Vcheck Launches Latin America Platform
The “Three Lines of Defense” is a widely used phrase for describing how organizations should manage their anti-money laundering (“AML”) risk. As the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) regulations has applicability outside U.S. borders, all individuals and entities are required to comply when conducting transactions in U.S. dollars.… Continue Reading The Three Lines of Anti-Money Laundering Defense
On February 21st, Transparency International released its Corruption Perceptions Index, which listed numerous Latin American and Caribbean countries among the world’s most corrupt. According to Transparency International’s survey, 62% said corruption had risen in the previous year, more than half said their government is failing to address corruption, and nearly a third said they had… Continue Reading Latin America Struggles in its Fight Against Corruption
In May 2016, The United States Department of the Treasury’s Financial Crimes Enforcement Network issued its final rule on Customer Due Diligence Requirements for Financial Institutions. This rule requires institutions to establish and maintain written procedures to identify and verify the identity of the beneficial owners of all legal entity customers. These institutions include depository… Continue Reading The Final Rule on Beneficial Ownership and Customer Due Diligence
There are many signs your company is dealing with a potentially dishonest employee. Internal audit departments and supervisors can track the performance of company employees, but competence and honesty do not always go hand in hand. Internal controls and strict documentation can help prevent fraud and theft, but dishonest employees often find vulnerabilities they can… Continue Reading Signs your Company has a Dishonest Employee
How can Money Laundering Affect your Business? In 2018, anti-money laundering (“AML”) regulations and enforcement measures are reaching new heights across the globe. While some countries, such as Colombia, are rife with illicit profits from criminal enterprises, they have also made strides in recent years strengthening their AML and terrorist financing programs. Other nations, however,… Continue Reading How can Money Laundering Affect your Business?
Recent changes in state cannabis legislation has resulted in yet another California gold rush. Creative investors have started pouring money into ‘legal’ grow operations. Federal lawmakers are rattling their sabers. Eager customers are crashing the ticket booth. News pundits sit in the grandstands with their beer and hot dogs cheering the opposing sides. Money, marijuana,… Continue Reading Cannabis Curtain