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Although it might seem like an exhausting and time-consuming job, doing due diligence is essential to business. This process is usually divided into two areas: the purchase or sale of goods and services, and mergers and acquisitions. Due diligence in both instances is conducted to ensure that businesses are fully informed prior to entering into a transaction.

Companies must investigate the background, reputation, and affiliations of third-party organizations. This can include a review of search results on the internet such as questionnaires, verification and independent sources like business registries and watch list databases. A thorough analysis of the structure of management is also important. It is essential to know the ownership percentages of senior executives and founders. It is also worthwhile to check whether these individuals have sold shares in the past.

KYC/Know Your Customer checks are more thorough for customers with high risk as required by anti-money laundering regulations and counter-terrorism financing regulations. This is based upon factors like the state where they operate as well as the type and volume of transactions they conduct, and the source of funds used for those transactions. A thorough review of AML policies and the local market’s reputation via media sources can also assist in the development of risk assessments.