Customer due diligence

Understand customers, ownership and verification.

• Initial customer due diligence

  Establish who the customer is and what the proposed relationship involves.

• Collect and verify customer information

  Separate what a customer tells you from the evidence used to check it.

• Identify beneficial owners

  Find the individuals who ultimately own or control a non-individual customer.

• Ownership and control are different

  A share percentage does not explain every way a person can control an entity.

• Check a company customer

  Separate company existence, authority, ownership and business purpose.

• Check a trust customer

  Map the trust's roles and powers before deciding what the evidence establishes.

• Identify a person without standard ID

  A missing standard document calls for a careful alternative process.