Due diligence is carried out as a procedure where one party conducts a detailed investigation into the affairs of the business.
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Frequently asked questions.
Due diligence is an investigation process in which one party finds out information about the other party. Due Diligence can be used in any form of process or business transaction.
Due diligence services are used in different fields. However, the following industries frequently use due diligence:
- Chartered Accountants
- Financial Consultants
- Investment Banks
When banks use due diligence, the process is used for identifying potential customers. Such banks ask customers for information such as a passport or other documentation in order to comply with relevant due diligence procedures. This form of due diligence is known as customer due diligence. The process of customer due diligence is used by banks and financial institutions to comply with the anti-money laundering procedures.
Data Room is also understood as a server room. As due diligence is a process where complex information is collected, such information is stored in a room known as a data room. Through this data room, information can be accessible during the due diligence process. A data room would only be utilized for complex mergers and acquisitions.