This laborious effort served multiple critical purposes: claims verification, identification of undisclosed accounts, tracing fraudulent transfers, locating hidden assets, and building evidence for litigation against banks and auditors. Any missed transaction could have impacted creditor recovery. Today, artificial intelligence (AI) is transforming how bankruptcy professionals approach financial analysis — not by replacing expert judgment, but by dramatically enhancing what’s possible within practical time and budget constraints.

Increased Regulatory Oversight: From KYC to Beneficial Ownership
Perhaps the most visible change in the past decade is the explosion of regulatory requirements imposed on fiduciaries, particularly surrounding identity verification and financial transparency. “Know Your Client” (KYC) rules have become more stringent, extending beyond merely verifying a name and address. Now, fiduciaries must often collect detailed personal information, verify the legitimacy of documents, and regularly update client profiles to remain compliant.