CLIENT DUE DILIGENCE
e-Notice for All Companies
WHY DO WE NEED TO DO THIS?
Identification and verification of a customer as required under:
• Section 16 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA); and
• Paragraph 14 of the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for DNFBPs and NBFIs (AML/CFT and TFS for DNFBPs and NBFIs).
• Section 16 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA); and
• Paragraph 14 of the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for DNFBPs and NBFIs (AML/CFT and TFS for DNFBPs and NBFIs).
the importance of client due diligence
The financial system processes millions of transactions every day so it is vital for every firm (especially compliance officer such as Company Secretary) to ‘Know Your Customer’. KYC or Customer Due Diligence (CDD) collates information about our clients to assess the extent of any risk they pose to the firm. This doesn’t simply mean taking a copy of identity card or passport to prove identity, it means analysing the client lifecycle from onboarding through to recognising key changes over time and undertaking regular reviews. Understanding our clients makes great business sense as we respond to your needs, but it is also a hugely effective tool in the battle to prevent money launderers, terrorist financiers and other criminals exploiting the organisation and the wider financial system.
