Know Your Customer and AML Awareness
Customer due diligence and anti-money laundering controls are important elements of responsible financial services. The precise checks and obligations depend on the nature of the relationship and the applicable regulatory framework.
Customer Identification
Identification and verification may involve officially valid documents or other legally permitted methods, depending on the product and applicable requirements.
Address and Business Verification
Contact details, address, beneficial ownership, business activity and authorised representatives may need to be assessed for relevant relationships.
Risk-Based Due Diligence
Different relationships can present different levels of risk. Additional verification may be required where justified under applicable rules.
Ongoing Monitoring
Where required, customer information may be periodically updated and relevant activity monitored for unusual or suspicious patterns.
Record Keeping
Records should be maintained securely for applicable retention periods and made available to competent authorities where lawfully required.
Protection Against Fraud
Never share an OTP, banking password, PIN or login credential with an unknown caller. Confirm the authenticity of requests before transmitting identity documents.
Reporting and Compliance
Applicable reporting obligations and internal procedures are determined by the entity’s regulatory classification and current law.