International CBI Sharpen Focus on Due Diligence Procedures in Light of Global Risks

Discussion by renowned experts of major due diligence agencies in the PWM virtual panel highlights how international CBI defenses put extra focus on due diligence processes amidst global threats.

The Financial Time’s Private Wealth Management (PWM) magazine held a virtual panel discussion to put emphasis on the effect of global risks on countries with Citizenship with Investment (CBI) programs. Impressive views and insights were shared by members of prominent due diligence investment agencies constituting Karen Kelly, director of strategy and development at Exiger, Eddy Leviton, chief operating officer at Fact WorldWide and Heyrick Bond Gunning, chief operating officer at S-RM.

As discussed in the previous installment moderated by the editor in chief of the magazine, Yuri Bender, highlighted how international units of CBI are paying extra attention to due diligence processes in the light of global risks.

Karen Kelly, director of strategy and development at Exiger showed consent by saying that every global threat needs to be viewed whether associated with its political vulnerability or jurisdiction risk. 

“Intelligence agencies provide client countries with the data and knowledge needed to arm the CBI units demonstrating the details about if this person is beyond or under the risk threshold we have for approval. They shall not make any decisions on behalf of countries on who should or should not be approved” stated Kelly.

Eddy Leviton, chief operating officer at Fact WorldWide presented their concern while answering Yuri Bender’s question regarding whether enhanced due diligence should be applied to high-risk applicants, by declaring “We do not discriminate and carry out the same rigorous level of checks for all candidates because we do not know whether they are a low or high-risk individual when we are presented with an application. We apply the same due diligence process and provide a risk profile to make an ultimate decision”.

Funds from the CBI program often provide assistance to the countries facing global crises, In reflecting the view of the Caribbean countries, Heyrick Bond Gunning, chief operating officer at S-RM, said that they are working hard to fix the mistakes and taking a prolonged view in terms of the program’s integrity. 

Paul Singh, director at CS Global Partners, announced that they are doing constant work to ensure that residents know that they are investing in reputed and authorised trademarks essential for their companies and families. 

Suggested Read: NGOs Advised on Due Diligence to Tackle Terrorism Financing