Article 3 of the Wwft sets out the requirement to perform customer due diligence. The intensity of the due diligence is determined in part by the risks associated with certain types of customers, products, services, supply channels, transactions and countries or geographies. Institutions must implement additional mitigating controls in cases that involve a heightened risk of money laundering or terrorist financing.
Customer Due Diligence
- Relevant for:
- cp
- Status
- Factsheet
- Date:
- 12 november 2019
- Validity:
- valid
- Reference:
- 02398
- Author:
- DNB
The purpose of customer due diligence is that the institution knows who it is doing business with and for what purpose the business relationship is used, and that it applies risk-based monitoring on an ongoing basis.
- Sector