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| What is Money Laundering ? - Topic 4 :Customer Due Dilligence | |||
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Customer Due Dilligence
FAFT and CDD : according to recommandation 5 of Forty’s recommandations on Money Laundering, CDD measures should :
- identify the Customer and verify that customer’s identity using reliable, independent sources documents, data or information, - identify the bénéficial owner, and take reasonnable measures to verify the identity of the bénéficial owner. For légal persons and arrangements, this should include Financial institution taking reasonnable measure to understand the ownership and control structure of the Customer. - Obtain information on the purpose and indent nature of the business Relationship, - Conduct ongoing due diligence with the business Relationship and scrutiny of transaction undertaken throughout the course of the Relationship to ensure that the transactions being conducted are consistent with the institution’s knoledge of the Customer.
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