Due diligence is fundamental to the survival of any corporate risk-based business operation, whether it operates in one or many jurisdictions. In fact, due diligence is essential for financial institutions that want to prevent or minimize losses from fraud and protect themselves from misuse by those with criminal intent.
"It is a wise father that knows his own child."--William Shakespeare, The Merchant of Venice, Act 2, Scene 2. Shakespeare's sentiment on parenthood is applicable to due diligence because it is also true to say: "It is a wise banker who knows his own customer."
