You know what this; it is reputation damage control, or reputation restoration, the sordid practice of placing so many obstacles in front of an searcher, that the truth is rarely, if ever, located. Now, when a corrupt Venezuelan PEP, who wishes to hide the stories about his reputed drug trafficking, or money laundering, uses these "services," I understand his motives. What I do not understand is why a commercial bank would stoop to using methods that are the hallmark of those with something very dark to hide; We expect total transparency in our financial institutions, in both the letter, and the spirit, of the law. Hiding your blemishes is unbecoming if you are a bank.
Compliance officers are having enough trouble dealing with reputation damage control tactics employed by individuals who are involved in financial crime; if we cannot trust our banks to play by the rules of polite conduct, then we will be forced to evaluate banks that we deal with, on a risk-based compliance regime, and some will be judged off-limits.
* The MSB asserts that the bank has defaulted in a business relationship, and thereafter failed to return certain securities that were delivered to senior bank officers in good faith. I will report on this matter in detail, only when it becomes a matter of official record, and I can quote from, and cite to, court filings.
For further reading on Reputation Damage Restoration firms:
Reputation Damage Firms are rendering Ordinary Due Diligence Ineffective