Get the free CUSTOMER DUE DILIGENCE - BODY CORPORATE

CUSTOMER DUE DILIGENCE BODY CORPORATE FOR PROFESSIONAL INTERMEDIARIES ONLY Name of your company or entity: Type of Entity: Limited Company Unlimited Company Limited Partnership Other Address: Phone

How to fill out customer due diligence

How to fill out customer due diligence:

1. Begin by gathering all necessary documentation and information about the customer. This may include their name, address, contact details, and identification documents.
2. Verify the customer's identity using reliable sources such as government-issued identification cards or passports. Ensure that the information provided matches the documents.
3. Conduct a risk assessment to determine the level of due diligence required. This involves evaluating the customer's background, transaction history, and any potential red flags.
4. Obtain information about the customer's source of funds or wealth. This could include asking for bank statements, tax returns, or additional proof of income.
5. Assess the customer's risk profile based on the nature of their business or transactions. This includes understanding their industry, geographical location, and any potential exposure to money laundering or other illegal activities.
6. Implement ongoing monitoring procedures to keep track of the customer's activities and update their due diligence information periodically. This ensures compliance with regulatory requirements and helps identify any suspicious transactions.
7. Document all the steps taken during the customer due diligence process, including the information gathered, assessments made, and any remedial actions taken. This helps maintain a comprehensive record for audit and compliance purposes.

Who needs customer due diligence:

1. Financial institutions: Banks, credit unions, insurance companies, and other financial institutions are required to perform customer due diligence as part of their anti-money laundering (AML) and Know Your Customer (KYC) obligations.
2. Money service businesses: Companies involved in money transmitting, currency exchange, check cashing, or prepaid cards are subject to customer due diligence requirements to prevent financial crimes.
3. Investment firms: Brokerage firms, investment advisors, and other entities in the securities industry must conduct customer due diligence to identify and mitigate potential risks associated with their clients.
4. Casinos and gaming establishments: These establishments are required to implement customer due diligence measures to detect and prevent money laundering or terrorist financing activities.
5. Real estate agents: In certain jurisdictions, real estate agents are obligated to conduct customer due diligence when conducting high-value property transactions to prevent money laundering schemes.
6. Professional service providers: Lawyers, accountants, and other professionals who engage in financial transactions or provide financial advice are often subject to customer due diligence requirements to ensure the integrity of their services.

Note: The specific regulations and requirements for customer due diligence may vary depending on the jurisdiction and industry. It is recommended to consult with legal and compliance professionals to ensure compliance with applicable laws and regulations.

For pdfFiller’s FAQs

What is customer due diligence?

Customer due diligence is the process of verifying the identity of customers to assess potential risks of illegal activities such as money laundering and terrorist financing.

Who is required to file customer due diligence?

Financial institutions, including banks, credit unions, and money services businesses, are required to file customer due diligence reports.

How to fill out customer due diligence?

Customer due diligence forms require providing information such as name, address, date of birth, occupation, and source of funds.

What is the purpose of customer due diligence?

The purpose of customer due diligence is to prevent financial institutions from being used for illegal activities and to protect against reputational risks.

What information must be reported on customer due diligence?

Information such as identification documents, proof of address, and information on the source of funds must be reported on customer due diligence.

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