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| What is Money Laundering ? - Topic 4 :Customer Due Dilligence | |
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Customer Due Dilligence Institutions and Customers : Financial institutions all over the world have différents processes and procédures in place to protect the institution from money laundering. Globally, there are two primary ways Financial institutions protect themselves from fraudulent customers :
- First one : création of a program to know your Customer and his/her typical business practices. This program is commonly referred as a Customer Identification Program (CIP) or a Know Your Customer (KYC). - Second one :establishement of a code of how to handle-risk customers, or individual and groups that pose a high risk of money laundering or fraudulent transactions. This code is commonly referred to a Customer Due Dilligence.
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