CIS & Due Diligence Page
It is standard to send copies of identification to funders; they (the funder) need to do their due diligence which is otherwise known as KYC – Know Your Client. This is law and is standard throughout the world. It is how banks protect themselves from potential money being laundered through their banks. This is standard procedure in the banking world. Part of the CIS will involve proof of identity which means you will be asked to supply a passport and any other form of documentation proving who you say you are. Attempts to make false representations or attempts for fraud and/or M.L. will be passed to the relevant authorities. Our group has a responsibility to assess risk in each case.
Due diligence is the process of investigation, performed by our Group take into account the details of a potential client(s) – (KYC) by taking on assessments such as an examination of operations and management and the verification of material facts.
What is involved in performing “due diligence” for project funding?
- Environmental Impact
- Investigation and Verification of assets
- Permits and licenses
- Legal matters reviewing the projects financials
- Meeting with project principals and relevant management personnel
- Acknowledgement of product issues and evaluating the marketing strategy
- Foreign operations
- Plus a host of other checks not included in the list.
The funder or his representative could also engage and/or consult with companies or service providers representing the project such as
accountancy firm, law firm and construction firm plus others. Sometimes not all of these tasks are necessary.
How much does it cost?
Due diligence costs vary on the nature, size and location of the project. Due diligence costs will often include:
- Accommodation in the country
- Project location
- Legal/professional fees (will be borne by us)