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Your Strongest AdvocateCUSTOMER DUE DILIGENCE CHECKLIST NEW CDD REQUIREMENTS EFFECTIVE MAY 11, 2018, THIRDPARTY PROCESSORYESNOYESNOIf you use a third party processor for AML/BSA compliance: Have you

How to fill out customer due diligence check-list

How to fill out customer due diligence check-list

1. To fill out the customer due diligence checklist, follow these steps:
2. Start by gathering all the necessary information about the customer, including their full name, contact details, and identification documents.
3. Verify the authenticity of the customer's identification documents by comparing them with trusted sources or using industry-standard verification methods.
4. Assess the customer's risk profile by evaluating factors such as their occupation, location, transaction history, and any associated risks.
5. Evaluate the customer's source of funds or wealth to ensure they are legitimate and comply with anti-money laundering regulations.
6. Conduct enhanced due diligence for high-risk customers or transactions, which may involve additional verification measures or research to mitigate potential risks.
7. Document all the findings and steps taken during the customer due diligence process for future reference and compliance purposes.
8. Regularly review and update the customer due diligence checklist to ensure ongoing compliance and identify any changes in the customer's risk profile or circumstances.
9. Finally, maintain proper records of the completed customer due diligence checklists as part of your organization's compliance efforts.

Who needs customer due diligence check-list?

1. Various industries and organizations require customer due diligence checklists to mitigate risks associated with money laundering, fraud, and other financial crimes. Some examples include:
2. - Banks and financial institutions
3. - Insurance companies
4. - Brokerage firms
5. - Real estate agencies and developers
6. - Online payment processors and e-commerce platforms
7. - Professional service providers, such as lawyers and accountants
8. - Casinos and gambling establishments
9. - Non-profit organizations
10. In general, any business or entity involved in financial transactions or services should consider implementing customer due diligence checklists to ensure regulatory compliance and protect against illicit activities.

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What is customer due diligence check-list?

Customer due diligence check-list is a tool used by financial institutions to gather and verify information about their clients for the purpose of preventing money laundering and terrorist financing.

Who is required to file customer due diligence check-list?

Financial institutions, including banks, credit unions, and other institutions that provide financial services, are required to file customer due diligence check-list.

How to fill out customer due diligence check-list?

To fill out a customer due diligence check-list, financial institutions must collect personal information about the client, verify the identity of the client, assess the risk associated with the client, and keep records of these activities.

What is the purpose of customer due diligence check-list?

The purpose of customer due diligence check-list is to help financial institutions identify and verify their clients, assess the risk of money laundering and terrorist financing, and comply with regulatory requirements.

What information must be reported on customer due diligence check-list?

The information reported on customer due diligence check-list includes the client's name, address, date of birth, identification document number, and the purpose of the client's account.