There’s no question that trust is the bedrock of any longstanding client relationship. It is built on delivering on your promises and constantly proving your worth. As firms demonstrate their reliability to their clients, trust strengthens and fosters a mutual relationship.
However, when it comes to regulatory compliance and the threat of financial crime, a shocking number of regulated firms continue to put their faith in these long-term client relationships instead of performing actual compliance checks on their clients.
In the latest SmartSearch survey, a worrying 41 percent of regulated firms in the finance, legal, accountancy and property sectors said they are confident that none of their clients are listed on sanction or PEP (politically-exposed person) lists purely because they have worked with them for a long time.