Retrieving legal entity data and conducting due diligence on 750+ SMEs

The challenge:

A global bank approached Diligencia via one of our partners to help rapidly retrieve legal entity data on more than 750 SME account holders, combine that with customer due diligence (CDD) information already held by the client, and then design a risk ratings system based on the information gathered.

The solution:

The first step was the retrieval of the legal entity data and their key principals using Diligencia’s proprietary database, ClarifiedBy.com. Once done, we conducted further due diligence research on each entity’s reputation, track record, and any links to Iran. Finally, all the data was processed and presented into risk ratings and a dashboard.

The result:

Working alongside our partner, we were able to categorise account holders into Low, Medium and High Risk, giving the bank clear guidance as to next steps and remedial actions.

The key success factor was in the speed with which we were able to assemble the project team, retrieve the required information and design the appropriate risk ratings methodology and dashboard.