Customer Due Diligence | LexisNexis Risk Solutions UK
Customer Due Diligence Metaphor: Trails of light speeding down a motorway at night - Accelerate due diligence with instant online identity verification

Customer Due Diligence

Accelerate due diligence with instant online identity verification

Customer due diligence involves taking steps to understand your customer, including verifying identity, checking they are who they say they are. This can be achieved by asking for government issued documents e.g. a passport, along with utility bills, bank statements and other official documents. An alternative, unobtrusive and far preferable solution is to employ an electronic identity verification facility such as our IDU® service. Traditional methods of conducting identity checks are time consuming and could themselves introduce a security risk in the form of forged documents.

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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.

To find out how we can help you with your customer due diligence, contact us today.

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