I was asked to do some light diligence on an asset manager and word of advice to anyone starting up: Spend 30 minutes looking into your service providers before using them.You don’t want to use people connected to money laundering networks. And don’t use people who will show your formation documents with half-assess redactions.Relatedly, this is especially important if you’re a senior Dallas Federal Reserve official where setting up a Panamanian shell company through sketchy characters might give the appearance of impropriety.