Business Focus

Bankers Almanac has recently developed a new product, the Bankers’ Almanac “Due Diligence Module". The Due Diligence Module, endorsed by the Wolfsberg Group¹ of which UBS is a member, is designed as a repository for the collection and storage of relevant information and documentation for due diligence purposes.

By submitting due diligence information to the Due Diligence Module of Bankers’ Almanac, participants can eliminate some, and eventually most, of the need to reproduce and repeatedly supply their due diligence information to other parties.

Instead, counterparties can direct inquiries to the Due Diligence Module, where the due diligence information of participants is stored and can be updated when necessary. The Wolfsberg Group sees the repository as a useful and cost-effective tool – although it does not absolve financial institutions from their usual responsibility to conduct proper due-diligence investigations based on the information held in the registry.

The Wolfsberg Group invites banks to review the Due Diligence Module and to contact Bankers’ Almanac to submit due diligence information free of charge. In conjunction with the Wolfsberg Group, Bankers’ Almanac has developed a list of required documents that reflects recognized best practice in respect of the information necessary to complete appropriate due diligence. This can be found as part of the Due Diligence product.

The Module can be viewed at: www.bankersalmanac.com/addcon/home/duedm.htm.

To provide due diligence information and documentation or to obtain further information please contact:
The Bankers’ Almanac
Windsor Court
East Grinstead, RH19 1XA
United Kingdom
facsimile: +44 (0) 1342 335940
Email: duediligence@bankersalmanac.com