What is Customer Due Diligence?
Customer Due Diligence A regulatory requirement obligating banks and financial institutions to verify the identity and assess the risk of customers as part of AML/CFT controls.
Source: CFA Institute, IFRS Foundation, FASB (GAAP), Basel III Framework
How is “Customer Due Diligence” Used in Practice?
Customer due diligence is mandatory before opening an account and during the entire business relationship as per FATF guidelines.
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Who Needs to Know This Term?
- Financial Analysts
- Bankers
- Traders
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What is Customer Due Diligence?
A regulatory requirement obligating banks and financial institutions to verify the identity and assess the risk of customers as part of AML/CFT controls.
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