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Customer Due Diligence AML/CFT Guidance notes October 2019 Whilst this publication has been prepared by the Financial Services Authority, it is not a legal document and should not be relied upon in

How to fill out customer due diligence

How to fill out customer due diligence

1. Collect necessary information: Gather all the required details from the customer, such as their full name, address, date of birth, and contact information.
2. Identify the customer: Verify the customer's identity by requesting valid identification documents like passport, driver's license, or national ID card.
3. Understand the customer's risk profile: Assess the customer's risk level by analyzing their occupation, business activities, source of income, and financial transactions.
4. Perform enhanced due diligence (EDD) for high-risk customers: If the customer is classified as high-risk, conduct more extensive investigations to gather additional information and determine the legitimacy of their activities.
5. Monitor and update customer information: Continuously review and update the customer's details, especially for high-risk customers, to ensure compliance with regulations and identify any suspicious activities.
6. Maintain proper documentation: Keep records of all customer due diligence activities, including collected information, identification documents, risk assessments, and any follow-up actions taken.

Who needs customer due diligence?

1. Financial institutions such as banks, credit unions, and insurance companies.
2. Money service businesses, including money transfer services and currency exchange providers.
3. Securities dealers and brokers involved in trading stocks, bonds, or other investment instruments.
4. Real estate agents and professionals engaged in property transactions.
5. Casinos, gambling establishments, and online gaming platforms.
6. Legal professionals and law firms involved in financial transactions or managing client funds.
7. Businesses participating in high-value transactions, particularly cross-border transactions.
8. Any organization or industry that is subject to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

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What is customer due diligence?

Customer due diligence (CDD) is a process that businesses use to verify the identity of their customers and assess the risks associated with providing them with certain products or services.

Who is required to file customer due diligence?

Financial institutions, banks, money services businesses, and other entities subject to anti-money laundering regulations are required to file customer due diligence.

How to fill out customer due diligence?

Customer due diligence is filled out by collecting information such as the customer's name, address, date of birth, and government-issued identification. This information is then verified against reliable sources.

What is the purpose of customer due diligence?

The purpose of customer due diligence is to prevent money laundering, terrorist financing, and other illegal activities by verifying the identity of customers and assessing the risks associated with providing them with products or services.

What information must be reported on customer due diligence?

Customer due diligence typically includes information such as the customer's name, address, date of birth, and government-issued identification. Additional information may be required depending on the level of risk associated with the customer.