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Customer due diligence and identification

One of the most important obligations of an obliged entity is to know their customers. This means knowing who you are dealing with and understanding the nature of their business. The Anti-Money Laundering Act imposes a number of different obligations on you with regard to your customers. As an obliged entity, you must:

  • identify your customer and verify your customer’s identity

  • identify the beneficial owner of your customer and, if necessary, verify the identity of the beneficial owner

  • identify the customer's representative and verify the identity of the representative

  • obtain the necessary background information on the customer and their business operations, as well as the grounds for use of the service

  • retain customer due diligence information.

Your due diligence obligations depend, among other things, on the permanent nature of the customer relationship, whether the customer is a politically exposed person or a family member of such a person, what the method of payment of the transaction is, whether you meet with the customer in person or whether the transaction is carried out solely through distance selling.

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