In the majority of cases, standard due diligence is the level of due diligence that will be used. These are generally situations where there is a potential risk but it is unlikely that these risks will be realised.
Standard due diligence requires you to identify your customer as well as verify their identity. In addition, there is a requirement to gather information to enable you to understand the nature of the business relationship. This due diligence should provide you with confidence that that you know who your customer is and that your service or product is not being used as a tool to launder money or any other criminal activity.
As with simplified due diligence there is a requirement to monitor your client and the relationship, this will highlight any potential trigger events that may result in further due diligence being required.
Looking forward to exhibiting at @PayExpo this week. Come and see us at stand C24.
Looking for CPD? #LegalEx has over 150 certified seminars. Our MD will be speaking about efficient use of the internet for due diligence.
Cyber-crime set to hit most British companies in the next two years https://t.co/Ajc4Pbozyt
City compliance officer faked his acquittal over benefit fraud https://t.co/3vwwjkv62w