Customer due diligence
Checks used to identify and understand a client, transaction, beneficial owner, or risk profile.
Definition
Customer due diligence is commonly linked to anti-money-laundering and FICA compliance. It can involve identity checks, address or registration documents, beneficial ownership information, source of funds, authority to act, transaction purpose, and enhanced checks for higher-risk matters.
Key takeaways
Checks used to identify and understand a client, transaction, beneficial owner, or risk profile.
Banking and Finance
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Related legal problems
This glossary provides general information only and does not constitute legal advice.
Common situations
FICA document request
Bank onboarding delay
Beneficial ownership check
Related resources
Resources and guides
FICA Document Checklist
Document checklist for identity, address, source-of-funds, and verification steps in property matters.
ConveyancingClient Document PackBanking and Finance Document Pack
Banking and Finance Document Pack: prepare Credit agreement, Loan agreement, Security documents and identify missing records before legal advice.
Banking and FinanceChecklistBanking and Finance Fee and Scope Guide
Prepare fee and scope questions for a banking and finance matter by separating consultation fees, fixed fees, hourly work, disbursements, official fees, exclusions, approval rules, and invoice controls.
Banking and FinanceFAQs
Customer due diligence FAQs
What does Customer due diligence mean?
Checks used to identify and understand a client, transaction, beneficial owner, or risk profile.
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