When should you conduct customer due diligence procedures?
- When you establish a business relationship
- When you perform an ‘occasional transaction’ worth 15,000 euros or more
- When you suspect terrorist financing and/or money laundering activity
- When doubts arise regarding a previously obtained customer identification information
- As and when necessary for existing customers, e.g. if circumstances change
It is also advisable to hold due diligence processes for all current and potential employees. It should be noted that enhanced due diligence is recommended when a customer is not physically present and you are required to perform an identity check i.e. online transactions. It would also be necessary, should you enter into a business relationship with a ‘politically exposed person’, when a possible risk situation arises, and anti-money laundering procedures need to be instigated.
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