Get the free OneSumX Customer Due Diligence - Wolters Kluwer Financial Services

One's Customer Due Diligence Version 5.6.70OneSumX Customer Due Diligence User Guide January, 2019This publication was written for Ones for Customer Due Diligence. Publication Information / Version Ones

How to fill out onesumx customer due diligence

How to fill out onesumx customer due diligence

1. Start by collecting all necessary information about the customer, including their personal details, identification documents, and financial history.
2. Create a new customer profile in the onesumx system and input the collected information.
3. Conduct a risk assessment for the customer based on their profile and the provided information.
4. Verify the customer's identity using the identification documents provided.
5. Perform a thorough customer due diligence review, including screening for any potential money laundering or terrorist financing activities.
6. Document all the findings and decisions made during the due diligence process.
7. Continuously monitor the customer's transactions and activities for any suspicious or unusual behavior.
8. Regularly update the customer's profile and conduct periodic reviews to ensure the ongoing accuracy of the information.
9. Maintain clear and comprehensive records of all customer due diligence activities for future reference and audits.

Who needs onesumx customer due diligence?

1. Financial institutions such as banks, credit unions, and insurance companies need onesumx customer due diligence to comply with regulatory requirements and prevent financial crimes.
2. Other organizations that handle large financial transactions or have a high risk of being involved in money laundering or terrorist financing also need onesumx customer due diligence.
3. Additionally, businesses that provide services to politically exposed persons (PEPs) or deal with international clients may require onesumx customer due diligence to mitigate associated risks.

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What is onesumx customer due diligence?

OneSumX Customer Due Diligence is a regulatory requirement that financial institutions must follow to assess the risks associated with their customers.

Who is required to file onesumx customer due diligence?

Financial institutions such as banks, credit unions, and other entities involved in financial services are required to file OneSumX Customer Due Diligence.

How to fill out onesumx customer due diligence?

One must fill out OneSumX Customer Due Diligence by collecting information about customers, assessing their risk level, and documenting the due diligence process.

What is the purpose of onesumx customer due diligence?

The purpose of OneSumX Customer Due Diligence is to help financial institutions identify and mitigate risks related to money laundering, terrorist financing, and other financial crimes.

What information must be reported on onesumx customer due diligence?

One must report information such as customer identity, source of funds, nature of business relationship, and risk assessment on OneSumX Customer Due Diligence.