Standard Due Diligence
Standard Customer Due Diligence
Standard Customer Due Diligence is probably the most widely utilised in non-core banking services today. We use standard due diligence when our customer or target risk profile indicates there is little opportunity or risk of your services being utilised for money laundering or terrorist financing.
If you are comfortable that your client(s) are within the standard due diligence protocols, (and we can help you here), then the process is relatively straight forward.
Confirm that the entity your customer is trading under does exist, or is registered as is appropriate to the entity type, determine who the beneficial owners are, and perform identity and AML-CTF-PEP checks on the beneficial owners.
Despite popular belief, under AML law, there is always at least one beneficial owner, or person in significant control. Based on this underlying principle, the AML laws of every country look to who would either control or benefit, and that person or persons is deemed to be the beneficial owner.