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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.

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 requirements that apply to crypto service providers
  • Depth of a crypto service provider's customer due diligence
  • Investigating the origin of a customer's funds
  • Preparing an expected transaction profile
  • How to deal with customers already served before 10 January 2020
  • Outsourcing of functions or activities
Respond to this page
Sector
  • Banks
  • Clearing institutions
  • Collect­ive invest­ment schemes
  • Crypto service providers
  • Electronic money institutions
  • Exchange transaction
  • Insurers
  • Investment firms
  • Payment institutions
  • Pension funds
  • Premium Pension Institutions
  • Trust offices
Laws and EU Directives
  • CRD IV en CRR
  • Act on the Supervision of Trust Offices (Wet toezicht trustkantoren – Wtt)
  • Anti-Money Laundering and Anti-Terrorist Financing Act
  • Payment services in the internal market
  • Regulations establishing European Supervisory Authorities
Related topics
  • NHG amends terms and conditions, prudential treatment of NHG-backed mortgage loans
  • Reporting duty
  • Transaction monitoring
  • Integrity risk analysis
more
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