Prime Brokerage Screening - Patriot Act & Know Your Customer (KYC)
Investment Banks and Brokerages have never been more at risk. Credit risks, reputational risks and regulatory risks are real and ever present. HedgeCheck.com™ has been assisting large firms with this research since its inception. New Patriot Act requirements are being introduced and proposed on a regular basis. The legal, economic and public relations costs associated with missing "warning signals" on a new or existing account is just too great. Taking reasonable steps to inquire about a customer can demonstrate that your firm exercised due diligence in trying to comply with the letter and the spirit of the new regulations. HedgeCheck.com™ has access to databases from around the world to help with your inquiries; and the expertise to know how to use them.
Investment Banks and Brokerages have never been more at risk. Credit risks, reputational risks and regulatory risks are real and ever present. HedgeCheck.com™ has been assisting large firms with this research since its inception. New Patriot Act requirements are being introduced and proposed on a regular basis. The legal, economic and public relations costs associated with missing "warning signals" on a new or existing account is just too great. Taking reasonable steps to inquire about a customer can demonstrate that your firm exercised due diligence in trying to comply with the letter and the spirit of the new regulations. HedgeCheck.com™ has access to databases from around the world to help with your inquiries; and the expertise to know how to use them.
Case Study:
HedgeCheck.com™ was retained to update Customer Identification Program (CIP) details for a large private trust company. New regulations demand that accurate and current CIP information be maintained by the firm. Rather than the trust company having to individually contact all of their clients, HedgeCheck.com™ was able to develop missing information and confirm the details already held by the trust. The trust company was able to comply with regulations without embarrassing telephone calls to long time clients at a very minimal cost.