Private Wealth Management Perspectives Series Finds That Rigorous Due Diligence … – Press Release


LONDON, April 28, 2022 (GLOBE NEWSWIRE) — The Financial Times’ Private Wealth Management (PWM) magazine recently hosted a virtual panel discussion on the impact of global risks on countries with Citizenship by Investment (CBI) programmes.

The virtual discussion features a distinguished panel of experts from major intelligence agencies including 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.

Yuri Bender, editor in chief Professional Wealth Management magazine moderated the panel.

The third instalment offers a rich discussion which contrasts different jurisdictions and investigates whether standards of due diligence processes are fairly consistent across the board and highlights programmes that are more rigorous, making their citizenships more valuable and better respected internationally.

Karen Kelly, director of strategy and development at Exiger said “We find that countries who are already engaging top due diligence intelligence companies have consistent standards across their CBI programmes.

“When looking at countries which are top rated, such as those in the Caribbean, we see that they are doing more in upscaling their programmes so that they are not just meeting minimum standards. Their CBI Units are always trying to achieve best practices by asking their due diligence agents on a regular basis how they can improve their risk-based approach, how they can evaluate applicants better and they are actively involved in the due diligence process from beginning to end.”

Kelly noted that she was more concerned about CBI programmes that are not transparent about their processes because it is highly likely that they are not as rigorous as they should be.

Comprehensive due diligence processes should involve levels of due diligence – CBI Units should be engaging with intelligence agencies as well as with their regional and international law…