REAL BANK COMPLIANCE
BACKGROUND OF PRINCIPALS
- Client Information Sheet (CIS) that outlines the critical info of principals and corporate info.
- Bios of the principals.
LICENSING AND REGISTRATIONS
- Copies of professional/corporate licenses and registrations.
PROOF OF OWNERSHIP
Copies of Safe Keeping Receipt (SKR)
- Copy of deposit receipt
- Copy of payment receipt
- Copies of Euroclear page
- Copies of banking custodial account statements.
- In the case of real estate, a copy of the warranty deed.
- Copies of Safe Keeping Receipt (SKR)
VALUATION & APPRAISALS
- Copies of any valuation and/or appraisal documentation.
- In the case of assets with extreme values, only appraisals from internationally respected appraisers will be respected.
- In the case of real estate, copies of municipal tax valuation.
- Copies of any insurance on the assets.
HISTORY OF ASSETS
- Origin of the asset.
- History of ownership.
- History of storage/custody.
- Proof of any contract to purchase the asset.
- Proof of any taxes paid on the purchase asset.
- History of modifications to the asset.
- Transportation documents/receipts.
- Proof of any international customs receipts/stubs from both the departing locations as well the destinations.
HISTORY OF FUNDS
- Proof of any taxes paid on asset.
- Proof of any contract to purchase the asset.
- History of funds used to purchase the asset.
- If the asset is cash, what is the history of how the funds were generated?
USE OF FUNDS
- What is the use of the funds?
- Copies of any executive summaries and/or business plans that outline use of funds.
- What accounting and legal firm will represent each project?
COMPETENT LEGAL AND REPRESENTATION
- Preferably a law firm with 5+ partners and with competent errors, omissions, and professional liability insurance.
- Lawyers using a gmail, aol, hotmail, yahoo, ISP, etc (non-professional domain) email for legal business do not earn respect for being competent for $100M+ international financial transactions.
CURRENT BANKING CONTACT DETAILS
- Full contact details of bankers.
- Authority to Verify (ATV) document that authorizes verification of account(s).
BACKGROUND OF INTERMEDIARIES
- List of intermediaries in the transaction.
- What is the role of each intermediary in the transaction?
- What is the background of each intermediary?
- What is the financial expectation of each intermediary?
Proper due diligence and project planning is key to making these transactions happen efficiently and predictably.
LEGAL REPRESENTATION AND AUDITING
Top international bankers, accountants and legal professionals don't transact using aol, gmail, hotmail, ISP, etc for real multi-million/billion dollar transactions. Please make sure your professional team keeps that fact clearly in mind when you expect quick respect from the world's top banks, accounting, and legal firms.
Do you have a credible law firm ready to put their license, reputation, and insurance on the line for you, your assets, as well as your banking relationships?
If you think that competent accounting and/or legal representation is not needed for multi-million/billion dollar international transactions... McDonalds wants to hire you.
All parties need to be keenly aware of the required "Anti-Money Laundering" (AML) compliance that regulates today's banks and central banks. That means that all assets, all parties involved, all paperwork, and all projects must be a complete/comprehensive package that supports the authenticity of the complete package as a whole.
It is Magister Operis' experience... that 95% of all intermediaries/brokers do not clearly understand these requirements as well as 25% of those labeling themselves as "principals" don't understand these requirements either. And when it comes to off-ledger/S2S transactions... upwards ot 95% or more of the "principals" are just as stupid, clueless, reckless, of criminal mind, and/or a liability to everyone around them as the 95% of typical intermediaries/brokers involved in the same cluelessness.
Visit the Wolfsberg Group's website to learn more on real banking KYC and AML compliance.
Top/smart banks expect full accountablity within any projects that they involve themselves with. Be ready to evidence both competent business plans as well as intelligent financial pro formas.
Please understand that the quality of the project's executive profiles is just as important as having a quality financial pro forma.
Any funds already spent will be required to provide certified accouting for those disbursements.
Intermediaries might think they have no accountability within these transaction but that absolutely clueless thinking is absolutely false. Intermediaries need to be mentally mature enought to be absolutely fully-accountable for their own authenticity and legal status also. Real legal compliance officers and accounting firms are going to make sure that the intermediaries don't have any background that might contaminate/incriminate the legitimacy of these kind of transactions. In today's world... none of these firms want exposure to the typical insanity that 95% of intermediaries/brokers and many clueless individuals labeling themselves as "principals" engage within day after day, week after week, year after year, to the full full definition of "insanity" (doing the same thing... over and over... expecting a different result).
If you have issues with your background... you need to be highly-transparent about those facts with Magister Operis... and comply with whatever is required to justify your authenticity and integrity today. Withholding these facts will only slow-down the closing, and/or kill the transaction, and/or have everybody in the transaction investigated by very powerful parties that might assume you are guilty until proven innocent.
It is critical that all parties understand that real complance officers (not more jokers paid on a fee agreement) are actually legally required to report any/all/every instance of fraud, deception, and/or misrepresentation in order to secure other key stakeholders of maintaining good conduct. It is important that you do a "reasonable" level of due diligence yourself before presenting deals, paperwork, and/or relationships to Magister Operis.
English is the default language of these transactions. Please let Magister Operis know if you cannot comply with this basic requirement. Accomodations might be available to assist with translations.
Magister Operis™ sincerely appreciates your interest in Magister Operis!
Due Diligence: CLICK HERE
Fake Documents/People: CLICK HERE
Magister Operis Workflow: CLICK HERE
Broker Notes: CLICK HERE
Disclaimer: CLICK HERE