Know Your Investor checks: Overlooked but vital for security

Fraud targeting high net worth individuals (HNWIs) is on the rise, warns our CEO, Mike LaCorte, in a recent article for the European Financial Review. As technological advancements and AI make fraud schemes increasingly sophisticated, HNWIs must be more vigilant than ever, emphasising the importance of thorough Know Your Investor (KYI) checks.

Mike emphasises the necessity of thorough Know Your Customer (KYC) and Know Your Customer’s Customer (KYCC) checks. He warns that even basic online research can reveal crucial details about potential partners, making caution essential. A combination of consented and non-consented searches is recommended to navigate misinformation and privacy laws. Engaging professional investigators is a valuable tool for conducting in-depth checks and can help to protect HNWIs from fraud.

Investing in fast and comprehensive due diligence is essential for HNWIs to avoid regulatory pitfalls and dubious partnerships, ensuring they are forewarned and forearmed against potential threats. As Mike concludes, money invested early in thorough due diligence will pay dividends in the long run.

Read the full article here.


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