Introduction

The estimated amount of money laundered each year is approximately 2-5% of the global GDP, which amounts to $800 billion to $2 trillion.

Putting these numbers into perspective, a gigantic country like India, which is pining to become a global superpower, has a GDP of 2.78 trillion dollars. It is estimated that more than 15,50,000 crores of money are laundered out of India every year. It is evident from these statistics that the current banking ecosystem lacks systems that can curtail money laundering.

With cutting-edge financial due diligence applications, Perfios has emerged as the trailblazer in this unavoidable, grim situation. A hallmark of Perfios’ financial due diligence offerings is its award-winning, innovative solutions.

OneView: A Comprehensive Due Diligence Platform

OneView provides business intelligence on any entity regardless of its constitution. I.e. a sole proprietorship, firm, partnership, company, etc. It generates a profile that provides comprehensive details about the type of business activities, the products or services offered, the industry in which it operates, etc., as well as the entire apparatus and machinery of the organization. Our coverage of entities covers their business model and offerings not just from a single perspective, but from the perspectives of all statutory bodies.

• OneView has 25 million pre-profiled businesses, covering the entire business ecosystem of India. OneView reports share a 360-degree holistic view of the organization, its demographics, and its management is provided.

OneView’s award-winning proprietary graph technology leverages 450 crore links between 25 Million businesses. As can be seen, this gives a glimpse of the sheer coverage of the related party network that allows for the discovery and judging of disclosed and undisclosed relationships.

It also creates the deepest related-party network graph which is ideal for financial due diligence, since it highlights the four degrees deeper relationships of the directors. This has a deep impact while making critical business decisions.

Additionally, OneView’s negative checks help monitor the counterparties on an ongoing basis. Businesses can receive alerts regarding early warning signals of your portfolio companies, such as litigation and negative news.

• A total of 88 alerts are available, grouped into various sections, such as Regulatory actions, Statutory compliance, Banking defaults, auditor alerts, credit ratings, etc.

OneView incorporates a rule-based engine to identify shell entities with an accuracy of 98.5%. Perfios has identified more than 1,50,000 shell entities using OneView. More than 120 parameters/data points are used to determine the classification, including high-risk patterns in financials, high-risk addresses, hidden email links, etc.

Risk Control Unit (RCU) Automation

By screening application information based on the given information, recursively scanning public sources for additional information, and independently authenticating and scoring applicants, Perfios provides insight into customer profiles, thereby enabling financial due diligence.

Perfios risk score provides an unambiguous representation of the risk involved in onboarding a customer or employee. As well as providing insights into employment histories, it can also create related-party networks to gain insight into the employment histories of individuals related to the employee, e.g., the employee’s uncle may have been convicted of a financial crime while working for a different organization, which would require a background check and further financial due diligence for the employee. In addition, the related parties’ network provides red flags and warning signals if any of the parties are involved in fraud or crime.

As a final step, customers can be subjected to automated risk and fraud checks when applying for loans, credit cards, etc., as well as when new employees are hired and integrated into the organization.

Legal & Criminal Diligence – Automation of Litigation Reporting

With one supreme court, 25 high courts, 672 district courts, and 3000+ subordinate courts, tribunals, and judicial and quasi-judicial bodies, the Indian judiciary system is extremely complex. A staggering 4.5+ crore cases are pending in India. The amount of litigation data available to us is overwhelming, dispersed, and sometimes difficult to understand.

The Legal & Criminal diligence tool by Perfios gathers, aggregates, and consolidates data on all litigation filed across India, and incorporates a search feature that allows users to find and extract cases filed by or against any individual or entity.

The Legal & Criminal diligence platform aggregates data from all courts into one database and assigns unique identifiers to every case, allowing users to efficiently perform comprehensive Litigation and Financial Due Diligence by browsing through the full range of cases and pinpointing relevant ones with an intuitive search function.

Perfios GST – Credible Financial Intelligence on GST Registered Entities

GST returns require an incredible amount of qualitative and quantitative information from the organization, which can be used to determine the legitimacy of the entity, determine its profitability, and uncover fraudulent transactions conducted to inflate sales figures to give a misleading picture of its profitability. Without this data, one cannot make significant business decisions or conduct financial due diligence.

Perfios is the pioneer of GST underwriting. The GST stack was launched in October 2017 to automate underwriting and sanction computations for GST-registered businesses.

By using a consent-based mechanism, this award-winning solution identifies GST registrations using minimal inputs, monitors GST filing history every month, and uses a web application and APIs to extract all return data, thereby conducting comprehensive financial due diligence.

• More than 17 million GST registered entities are preprofiled encompassing 1200+ data points with more than 95% uptime delivered in conducting financial due diligence.

In most cases, GST data is used to estimate a company’s profitability and financial stability. The Essentials tab of the UI report displays gross turnover, net turnover, total clients, total invoices, gross purchases, net purchases, gross margins, and net margins. An analysis of the company’s finances and a study of the financial due diligence in simple terms.

Perfios GST displays all relevant information regarding the entity. With the Micro Service API, GSP GST Authentication, the user can access and discover the complete set of information about the business, including its legal name, trade name, status, whether it is active or inactive, structure, authorized signatories, registration date, etc. thereby enabling financial due diligence.

Using the GST return filing API, you can see the filing history of a particular GSTIN with the GST Network. When viewing the entire history of GST returns filed by an entity, you can determine if it adhered to all the formalities associated with return filing and whether there were any delays. Analyzing the organization’s meticulousness and discipline in filing its returns provides a clear picture of its indebtedness and efficiency.

• Perfios GST tracks all tax obligations, taxes paid, taxes owing, and late fees incurred due to late payments. In addition, the report shows which input tax credits are available, which input tax credits the user is eligible for, and which input tax credits have been claimed.

KITR – Credible Financial Intelligence Based on ITR Filings

As part of KITR, a comprehensive evaluation of the company’s financial situation is included along with an analysis of the financial statements. A fuller view of the organization’s composition, structure, and entrails is provided through the detailed listing of key personnel, a business summary, etc., providing insight into future growth.

The tax details of the institution, such as taxes paid and outstanding taxes, are used to calculate the institution’s tax liability. Around 20 million entities are preprofiled covering 1200+ data points with 98% of all ITR filings covered with comprehensive coverage of ITR forms 1-6. As a result, it helps determine the tax liability of taxpayers and provides an overview of taxpayer footprints, thereby enabling comprehensive financial due diligence.

Conclusion

OneView is the most comprehensive Digital Due Diligence platform, a singular source of truth, that facilitates credible intelligence about businesses and individuals aiding in better financial decisioning. So, before you put your money on the line, do a quick OneView.

OneView gives a comprehensive view of demographics, business, negativities, management, ownership structure, and financials in one easy-to-understand report generated at the click of a button! So, before you put your money on the line, do a quick OneView.