Get the free Customer Due Diligence - Legal Entity

This document outlines the necessary information required by Íslandsbanki to comply with anti-money laundering and counter-terrorism financing regulations as per the act no. 140/2018. It collects

How to fill out customer due diligence

How to fill out customer due diligence

1. Identify the customer and verify their identity using official documents such as passport or driver's license.
2. Assess the purpose and intended nature of the business relationship.
3. Collect information on the customer's source of funds and wealth.
4. Evaluate the customer's risk profile based on geographical location, transaction behaviors, and business activities.
5. Conduct ongoing monitoring of the business relationship to detect any unusual or suspicious activities.

Who needs customer due diligence?

1. Financial institutions such as banks and credit unions.
2. Money service businesses, including currency exchanges and remittance services.
3. Real estate agents and brokers involved in property transactions.
4. Businesses in the gaming sector, such as casinos.
5. Law firms and accountants offering services related to financial transactions.

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What is customer due diligence?

Customer due diligence (CDD) is the process by which a financial institution or other regulated entity gathers information about a customer to assess the risk of money laundering or terrorist financing. It involves identifying the customer, verifying their identity, and understanding the nature of their activities.

Who is required to file customer due diligence?

Entities such as banks, credit unions, securities firms, insurance companies, and other financial service providers are required to carry out customer due diligence as part of their compliance with anti-money laundering (AML) regulations.

How to fill out customer due diligence?

To complete customer due diligence, institutions typically gather and document relevant information from the customer, including their name, address, date of birth, identification numbers, and information about the beneficial owner when necessary. This information is compared against various databases and lists to verify its accuracy.

What is the purpose of customer due diligence?

The purpose of customer due diligence is to help identify and mitigate risks associated with money laundering and terrorist financing. By understanding the customer's identity and assessing their transaction behaviors, institutions can ensure compliance with legal requirements and protect themselves against potential financial crime.

What information must be reported on customer due diligence?

Customer due diligence reports typically must include the customer's full name, date of birth, address, identification number or other verification documents, the nature and purpose of the business relationship, and, when applicable, information about beneficial owners.