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Establishment of Customer Relationship Corporate The AntiMoney Laundering Act which all banks must follow requires the bank to know your business volume with us. We therefore ask you to fill out the

How to fill out customer due diligence

How to fill out customer due diligence

1. Gather the required information about the customer, such as their full name, date of birth, and contact details.
2. Verify the customer's identification documents, such as a passport or driver's license, to ensure their authenticity.
3. Evaluate the customer's risk level based on factors like their occupation, country of residence, and the nature of their business.
4. Conduct appropriate background checks on the customer, including checking for any criminal records or involvement in fraudulent activities.
5. Assess the customer's source of funds or wealth to ensure they are legitimate and not derived from illegal activities.
6. Monitor and update customer information regularly, especially for high-risk customers, to ensure ongoing compliance with customer due diligence requirements.

Who needs customer due diligence?

1. Financial institutions such as banks, credit unions, and investment firms.
2. Money service businesses, including currency exchanges and remittance providers.
3. Insurance companies and agents involved in financial transactions.
4. Real estate agents and developers handling significant property transactions.
5. Law firms and professionals when conducting certain financial or real estate transactions on behalf of clients.
6. High-value goods dealers, such as art dealers or auction houses.
7. Non-profit organizations involved in cross-border fund transfers or high-risk activities.

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What is customer due diligence?

Customer due diligence (CDD) is the process of a business identifying and verifying the identity of its clients to prevent fraud, money laundering, and other financial crimes.

Who is required to file customer due diligence?

Financial institutions, as well as certain other businesses such as real estate agents, casinos, and insurance companies, are typically required to file customer due diligence.

How to fill out customer due diligence?

To fill out customer due diligence, businesses must collect information such as the customer's name, address, date of birth, identification numbers, and possibly the source of funds, and verify this information through appropriate documentation.

What is the purpose of customer due diligence?

The purpose of customer due diligence is to prevent the use of the financial system for illegal activities, such as money laundering, and to ensure compliance with regulatory requirements.

What information must be reported on customer due diligence?

Customer due diligence must report information including the customer's identity details, ownership structure if applicable, and the nature of the business relationship.