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Thales / Imperva, 2026 Bad Bot ReportLondon · Global reach · AI-native
AI-enhanced global asset tracing.
We distil the noise. You get the truth.
Specialists in uncovering hidden wealth, mapping corporate ownership and delivering actionable asset intelligence across multiple jurisdictions. AI does the heavy lifting; our intelligence experts verify every finding.
Distilling truth
Too much information. Not enough truth.
There has never been more data about people and their money, or more noise: bot networks, fake profiles, cloned company websites, recycled registry entries and AI-generated faces and voices. Anyone can manufacture a paper trail. The hard part is no longer finding information. It is knowing what is real.
fake Facebook accounts actioned by Meta in the first six months of 2026 alone.
Meta, Community Standards Enforcement Report, H1 2026biometric fraud attempts is now linked to a deepfake. Faces and voices can no longer be taken at face value.
Entrust, 2026 Identity Fraud Reportreceived by illicit crypto addresses in 2025, a record year, and still a lower-bound estimate.
Chainalysis, 2026 Crypto Crime ReportAI reads everything, fast. Experienced intelligence experts decide what is true. You get the facts, with their sources.
Telling a reliable source from a manufactured one, and evidence from hearsay, is what two decades of casework teaches. We use AI to cover more ground in less time: pulling records, cross-referencing identities and flagging what does not add up. Then a real human member of the team checks it, sources it and signs it off, and tells you plainly what could not be established.
One thing, done properly
Thirty-one flavours of intelligence firm. We serve one.
Political risk, reputation management, cyber, screening, surveillance, “strategic advisory”… Plenty of firms offer the whole ice-cream counter. We don't. Asset tracing is all we do: full-fat, double chocolate, extra scoop.
Asset tracing.
Double chocolate, extra scoop. If you want the soy-bean latte, there are plenty of firms down the road.
Found, or honestly not.
A long report is available if you want one, but the question is always the same: did we find the asset? Page one tells you. If assets are hidden beyond reach, we say so, and we say why.
Depth over breadth.
Because it is all we do, we know which record in which country holds the answer: the historic title, the foreign land index, the court portal that never made it into a commercial database.
Nothing to cross-sell.
No bloated teams, no layers of overhead passed on to you, no push towards a “wider mandate”. Just the asset question, answered properly and quickly.
What we trace
Following value across borders, structures and ledgers.
We establish what a person or company owns, where it is held, who controls it and how it has moved, and we produce sourced findings that support recovery, enforcement and litigation.
Property & real estate
Residential and commercial property in the UK and abroad, held directly, jointly, through companies or through connected parties, including what was owned before and what has quietly been sold.
Questions we answer
- What does the subject own now, and what did they own before?
- Who co-owns it, and is it mortgaged or charged?
- Has it been sold, transferred or gifted, and where did the proceeds go?
Where we look
Current and historic title registers, charges, gazettes, planning and council records, foreign land indices and notarial records, and specialist local providers in each jurisdiction.
What you get
A property schedule with title evidence, owners and co-owners, charges and a disposal history, each entry linked to its source document.
Companies, trusts & beneficial ownership
Mapping companies, trusts and nominees to the people who actually control them, across multiple jurisdictions and through layered or offshore structures.
Questions we answer
- Which companies does the subject own or control, directly or through nominees?
- Who is the real beneficial owner behind the structure?
- Which vehicle actually holds the value?
Where we look
Corporate registries in more than 100 countries, beneficial ownership and overseas-entity registers, filings and accounts, court and insolvency records, archived and historic records.
What you get
An ownership map from subject to asset, with officers, shareholders, nominees and related parties, and every link sourced.
Digital assets
On-chain tracing is only half the job. The value is in the bridge: turning wallets and transaction flows into real people, companies and recoverable assets.
Questions we answer
- Where did the funds go, across wallets, chains and mixers?
- Which exchange or service provider can be asked, or ordered, to disclose?
- Who is the real person behind the wallet?
Where we look
Blockchain analytics, wallet clustering and exchange attribution, then off-chain evidence: companies, domains, social footprints, property and people that link a wallet to an identity.
What you get
Flow tracing, wallet attribution and the off-ramp, linked to real-world identities and assets, to support disclosure applications and freezing relief.
Legal context: the Property (Digital Assets etc) Act 2025, which received Royal Assent on 2 December 2025, confirms that digital assets can attract personal property rights under the law of England and Wales.
High-value & lifestyle assets
Yachts, aircraft, prestige vehicles, art and other luxury assets, which are rarely held in the subject's own name.
Questions we answer
- Does the subject own, or simply use, a vessel, aircraft or collection?
- Which company, trust or relative holds it?
- Does the lifestyle match the means the subject has declared?
Where we look
Aircraft and ship registers, movement histories, vehicle and marine records, auction and dealer records, and the subject's lifestyle footprint online.
What you get
An asset list with registration evidence, the holding structure and the people connected to it.
Disposals & dissipation
Tracing the sale or transfer of property and other assets, and the related parties and corporate vehicles the value passes through.
Questions we answer
- Has the subject moved assets out of reach, before or after a claim?
- Who received them: a spouse, a partner, a relative, a “friendly” company?
- What did the disposal realise, and where did the money go next?
Where we look
Historic registry snapshots, title and charge histories, company filings, connected-party analysis and dated open-source evidence.
What you get
A chronology of disposals and the parties the value passed through: the evidence behind freezing applications and claims against transactions that defraud creditors.
Fraud & scam proceeds
Following the proceeds of fraud, scam networks and money laundering to the entities, individuals and assets at the end of the chain.
Questions we answer
- Where did the victims' money go?
- Who really controls the receiving companies?
- Which assets can be frozen, forfeited or claimed?
Where we look
On-chain analysis, shell-company clustering, nominee-officer patterns, cross-border beneficial ownership and sanctions and enforcement records.
What you get
A network map with recovery targets, prepared to work alongside legal teams and victims' advisers.
People & debtors
Confirmed address traces for service of process, judgment enforcement and debt recovery, in the UK and internationally.
Questions we answer
- Where is the subject now?
- Are we certain we have the right person?
- What links them to other people, companies and addresses?
Where we look
Specialist databases, property and electoral records and open sources, with identity confirmed against at least three independent identifiers.
What you get
A confirmed address report, suitable for service, with the evidence of identity set out.
Specialist matters
Sovereign & state-linked assetsPEP-connected wealthProbate & estatesLifestyle vs declared means
Supporting work
Enhanced due diligenceDisputes intelligenceEvidence packs & exhibitsWitness statements
When to call us
At every stage of a recovery.
Asset intelligence is worth most when it arrives early. We support clients from the first question, “is it worth pursuing?”, through to enforcement.
01
Before you sue
Is the defendant worth pursuing? A pre-action asset report tells you what is there before you commit to the cost of litigation.
02
Freezing orders & disclosure
Evidence of assets and dissipation risk, and the banks, exchanges and third parties to target. Trace early: the sooner the evidence is in hand, the less time there is for assets to move.
03
After judgment
Enforceable assets located, including the structures and connected parties they have been moved into.
04
Insolvency & director conduct
What left the company, where it went and who benefited, for office-holders and their advisers.
05
Fraud & crypto victims
Stolen funds followed on-chain and off, to the people and assets at the end of the chain.
06
Family & private wealth
Undisclosed interests, hidden property and lifestyles that do not match the means declared.
07
Probate & estates
Locating the assets of an estate, at home and abroad, for executors, beneficiaries and their advisers.
08
Governments & public bodies
Tracing the proceeds of corruption and fraud across borders, for public bodies, embassies and consulates, in English and Spanish.
Who we work with
Law firmsInsolvency practitionersLitigation fundersCreditors & recovery specialistsFinancial institutionsFamily offices & HNW / UHNWIntelligence & due diligence firmsGovernments & public bodiesFraud victims & their advisers
Human in the loop
The machine reads. Our intelligence experts verify.
Much of the intelligence industry is still debating whether to use AI. We built our practice around it, with an experienced intelligence practitioner in control at every step. AI gives us speed and reach. People give you certainty.
What AI does
- Runs parallel searches across registries, courts, gazettes and the open web while the case is being worked.
- Reads, OCRs and translates foreign-language filings in bulk.
- Cross-references names, addresses, dates and identifiers to surface links, gaps and anomalies.
- Drafts the report from the evidence file, in the format you choose.
Human
in the
loop
in the
loop
No finding leaves without a human signature. Every report is verified and signed off by a Managing Director.
What our Team do
- Decide where to look, including records no API, database or AI will surface.
- Confirm identity against at least three independent identifiers before any asset is attributed.
- Grade every source, test each finding against alternative explanations and separate verified fact from inference.
- Review and sign off every report, personally.
Where AI stops, experience takes over.
Knowing that a historic title register will reveal the co-owner. That a Spanish notarial record holds the missing sale. Which court portal in which country lists the claim. That knowledge comes from 35 years of casework, not from an API, a subscription database or a chatbot.
01
Define
The subject, connected parties, assets of interest, jurisdictions and the lawful basis for the enquiry.
02
Map
The subject's corporate, property and digital footprint, including nominees and related parties.
03
Collect
Registries, courts, specialist databases and human sources in each jurisdiction.
04
Confirm
Identity against independent identifiers before any asset is attributed.
05
Follow
The value through disposals, transfers and structures, on-chain and off.
06
Report
What was found, where it is held, the sources, and the limits of the enquiry.
Your data and our AI: the rules we work to
Regulators and clients are rightly asking how intelligence practitioners use AI. These are our answers.
Confidential by default
Client material is only processed in business-grade AI environments whose terms exclude training on your data. Never in consumer chatbots.
Sourced, not generated
AI never supplies a fact. Every finding traces back to a primary record that we can produce.
Transparent
We tell you where AI was used on your matter and what a human checked.
Lawful
UK GDPR, with a documented legitimate-interest assessment for every matter. No pretexting, no hacking, no unlawfully obtained data.
Accountable
A named Managing Director reviews and signs off every report.
How an instruction works
Scoped tightly. Delivered fast. Formatted your way.
No templates, no padding and no surprises. You agree the scope, you choose the format, and you get the answer quickly.
01 · SCOPE
Scope is everything.
Many disappointing asset searches only ever looked at one person. Assets move to spouses, partners, relatives and “friendly” companies. We agree the subject, the connected parties, the asset classes, the jurisdictions and the deliverable in writing before work starts, so there are no surprises on findings or fees.
SubjectConnected partiesAsset classesJurisdictionsFormat & deadline
Case note · United Kingdom
The £500,000 that wasn't in his name
The subject owned nothing in his own name. One address link led us to a historic title register: he had co-owned a property with a partner, with no mortgage, and it had since been sold for around half a million pounds. That money had gone somewhere. Our client now knew where to look, and who else belonged in the scope.
Historic titleConnected partyUnmortgaged disposal
02 · SPEED
Speed is a feature.
Asset intelligence loses value by the day. Lean, AI-assisted workflows let us report in days, not weeks, without cutting the verification.
Rush4 working days, including follow-ups
Standard5–7 working days
Typical market quote1–3 weeks
051015 working days
Timings run from an agreed scope. Complex, multi-jurisdiction matters are scheduled with you up front, and significant findings are flagged as soon as we have them rather than held for the final report.
03 · FORMAT
Four ways to receive your findings.
Factual evidence report
The answer, with the receipts: findings set out asset by asset, with identity, corporate interests, property, digital assets and connected parties, each with its source.
Long-form narrative
A fully worded report with analysis, chronology and assessment, written for decision-makers, counsel and the court bundle.
Branded
Delivered on Asset Tracing Advisory letterhead and signed off by a Managing Director.
White-label
Unbranded, or in your own template, so intelligence firms, due diligence providers and law firms can present it as their own.
Every format: outcome on page one, sourced findings, a clear statement of limitations, and human sign-off.
Track record
Combined credentials, proven at scale.
Drawn from the Managing Directors' combined record, including matters led in previous roles. Client matters are presented at a high level to protect confidentiality.
US$3.5bnin digital assets at stake in a single dispute investigated
US$100m+asset-recovery intelligence led on a single matter
100+countries in which our team have delivered work
EN · ESworking languages, with collection networks across five continents
MatterWhat we didJurisdictionScale
Kleiman v. Wright
Intelligence work concerning a Bitcoin judgment; named in the US proceedings.
United StatesUS$100m judgmentBitcoin developer dispute
Investigated cryptocurrency developers for a City law firm and a high-profile Bitcoin entrepreneur.
Multiplec. US$3.5bn in digital assetsDiamond dealer asset recovery
Global asset-recovery intelligence for a City law firm and creditors.
GlobalUS$100m+Missing accountant
HUMINT and tracing enquiries for a Magic Circle law firm and a hedge fund.
West Africac. US$100m in company assetsTransnational scam network
On-chain and corporate mapping of a laundering network now subject to US sanctions and forfeiture actions.
Turkey, Georgia, Estonia, UK, USSanctions & forfeitureCrypto fraud victim recovery
Tracing victim funds into US government forfeiture actions for a US nonprofit.
United StatesForfeiture claimsProperty disposal trace
Traced a debtor's disposal of residential property for an international debt-recovery instruction.
SpainDebt recoveryInternational asset & due diligence reports
Company and executive reports for US due diligence firms, including private equity principals and family-owned groups.
100+ countriesOngoingThe Managing Directors
Contacts and casework. Data and AI.
Cesar brings more than 15 years of intelligence-led investigation, HUMINT and an international network of sources. Jay brings more than 20 years of data-led asset tracing and builds the firm's AI capability. Together they handle every instruction personally.
Co-founder & Managing Director
Cesar Sepulveda
15+ yearsIntelligence-led asset recovery · OSINT & HUMINT
More than 15 years leading intelligence-led investigations and asset recovery across international jurisdictions. Cesar was Director of Intelligence at Ankura Consulting and, before that, a Partner at gcw-intelligence LLP, the specialist firm he helped build from analyst to partner. He specialises in OSINT, HUMINT and cross-border collection, coordinates an established network of local intelligence practitioners and sources, and his work has been referenced in the Financial Times and Vanity Fair. Bilingual in English and Spanish, with collection experience across Latin America, Europe, the Middle East, Africa and Asia-Pacific.
OSINT & HUMINTCross-border collectionDisputes intelligenceCrypto investigationsEnglish & Spanish
- Certified Fraud Examiner (CFE)
- MA Intelligence & Security Studies
- Cambridge ISI-Pro programme
- Certified AI Professional (CAIP)
Previously: Director of Intelligence, Ankura Consulting · Partner, gcw-intelligence LLP
Book a call with Cesar
Email
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Scan with your phone camera to add Cesar Sepulveda to your contacts.
Co-founder & Managing Director
Jay Cartwright
20+ yearsData-led asset tracing · digital assets · AI
More than 20 years in asset tracing, due diligence and investigations, beginning at KSL Carratu in 2006, with work delivered in over 100 countries. Jay founded the UK corporate intelligence consultancy Sure Step in 2009 and is Head of Intelligence at Digital Defenders Group, a US nonprofit tracing cryptocurrency fraud proceeds into US forfeiture actions. He designs and runs the firm's AI-assisted research and reporting. Raised in Hong Kong, he comes from a family with three generations of police and overseas public service.
Global asset tracingOn-chain & digital assetsAI & data workflowsEnhanced due diligenceDebtor tracing
- ABI Full Member since 2008
- Crystal-certified crypto investigation (2024)
- ABI UK GDPR Good Practice (2026)
- NVQ in Investigations
Also: Managing Director, Sure Step · Head of Intelligence, Digital Defenders Group
Qualifications & memberships
Held between the Managing Directors. Full capability statements available on request.
Fraud & financial crime
- Certified Fraud Examiner (CFE)Association of Certified Fraud Examiners
- Tracing Concealed AssetsAssociation of Certified Fraud Examiners
- CAMS, expected November 2026ACAMS
Intelligence & investigation
- MA Intelligence & Security StudiesBrunel University of London
- Security & Intelligence Programme (ISI-Pro)University of Cambridge
- NVQ in InvestigationsCity & Guilds
- OSINT; Super Facial RecogniserPrevail Partners; University of Greenwich
Digital assets & AI
- Crypto Research & Investigation (2024)Crystal Intelligence
- Artificial Intelligence ProgrammeUniversity of Oxford, Saïd Business School
- Certified AI Professional (CAIP)Oxethica
Professional standards
- Full Member since 2008Association of British Investigators
- UK GDPR Good Practice AssessmentAssociation of British Investigators
- BA (Hons) CriminologyLondon Metropolitan University
Built to scale
A start-up with 35 years of casework.
Professional services are being rebuilt around small, senior teams amplified by AI: no bloated headcount and no layers of overhead passed on to the client, just experienced people with better tools, moving faster. That is the firm we have built. We are growing quickly, and we want the right people to grow with us.
Investors
We are open to conversations with strategic investors who see what AI does to the economics of specialist investigations. We intend to grow deliberately: independence and quality come first.
Partner firms
Boutique intelligence teams, due diligence providers and law firms use us as their asset tracing desk. White-label, fast and confidential: your client, your brand, our findings.
Talent
Intelligence practitioners who understand AI. Technologists who understand investigations. The combination is rare. If it describes you, we would like to hear from you.
Speak to the Managing Directors
Tell us what you need to find.
Every enquiry is handled in confidence, directly by the people doing the work. Outline the matter and we will come back with a proposed scope, timetable and fee.
What happens next
- Conflict checkBefore any names or sensitive details are discussed.
- Scope, timetable and feeAgreed with you in writing before work starts.
- The workStandard 5–7 working days, or 4 on rush. Significant findings flagged as they land.
- Your findingsOutcome first, every fact sourced, limits stated plainly, signed off by a Managing Director.
Managing Directors
cesar@assettracingadvisory.com
jay@assettracingadvisory.com
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