We have been recently instructed by a large high-value dealer based in London. Our instructions are to conduct reasonable and proportionate due diligence investigations into our clients customers as a bolt-on to the due diligence currently being performed by our client. The nature of our instructions were to investigate using all of the data that was available to us.
To do this, we conduct research into our clients customer in the first instance and setup a structured interview with that customer, having regard for the risks that we identify from examining and analysing an array of datasets. We then attend on our clients customers premises and conduct a structured interview by reference to the prior work.
Once we have completed our enquiries, we provide our client with a report on our findings with a recommendation, which our clients then consider as part of their due diligence procedures. Due diligence is becoming increasingly more important especially with the regulatory changes being experienced by various industries over the past 24 months.