Get the free Customer Due Diligence Review Checklist

This document is a checklist for customer due diligence review, outlining personal, contact, employment, income, and other relevant information required for account opening at the Bank of Ceylon.

How to fill out customer due diligence review

How to fill out customer due diligence review

1. Gather necessary customer information, including name, address, date of birth, and identification documents.
2. Verify the customer's identity using reliable sources such as government-issued IDs or utility bills.
3. Assess the purpose of the customer relationship by determining the nature of the service or product they are seeking.
4. Evaluate the customer's risk level by analyzing their financial history and transaction patterns.
5. Document the findings and maintain a record of all due diligence steps taken.
6. Update the customer profile periodically to reflect any changes in their information or risk level.

Who needs customer due diligence review?

1. Businesses that are subject to anti-money laundering (AML) regulations.
2. Financial institutions such as banks and credit unions.
3. Real estate agents and brokers involved in high-value transactions.
4. Insurance companies that underwrite policies for high-risk clients.
5. Any organization that deals with large cash transactions or sensitive customer information.

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What is customer due diligence review?

Customer due diligence (CDD) review is a process used by financial institutions and regulated entities to assess the risk associated with a new or existing customer. It involves collecting and analyzing information about the customer's identity, activities, and financial history to ensure compliance with anti-money laundering (AML) regulations.

Who is required to file customer due diligence review?

Financial institutions, including banks, credit unions, securities firms, insurance companies, and other regulated entities are required to file customer due diligence reviews as part of their compliance with AML regulations.

How to fill out customer due diligence review?

To fill out a customer due diligence review, financial institutions must complete a standardized form that includes details such as the customer's name, address, date of birth, identification information, nature of business, and the purpose of the account. Institutions must also assess the customer's risk level and document ongoing monitoring measures.

What is the purpose of customer due diligence review?

The purpose of customer due diligence review is to prevent illegal activities such as money laundering and financing of terrorism by understanding and mitigating the risks associated with customers and their transactions.

What information must be reported on customer due diligence review?

The information that must be reported includes the customer's name, address, identification number, type of account, nature of the business relationship, expected transaction types, and any relevant risk factors identified during the review process.