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.
In a South African legal context, customer due diligence should not be treated as an isolated dictionary word. It usually sits inside a broader banking and finance process, and that process can affect what documents are needed, which deadlines matter, and what next step is sensible.
Key takeaways
Checks used to identify and understand a client, transaction, beneficial owner, or risk profile.
Banking and Finance
Book Banking and Finance Lawyer
How it applies
Customer due diligence often matters when a person is dealing with FICA document request, Bank onboarding delay, and Beneficial ownership check. The term can shape how the problem is described, which facts matter, and what evidence should be gathered.
Related resources such as FICA Document Checklist, Banking and Finance Document Pack, and Banking and Finance Fee and Scope Guide help turn the concept into a practical preparation path before a consultation or formal step.
Related legal problems
This glossary provides general information only and does not constitute legal advice.
Common situations
FICA document request
FICA document request where the person needs to understand how customer due diligence affects the next legal step.
Bank onboarding delay
Bank onboarding delay where the person needs to understand how customer due diligence affects the next legal step.
Beneficial ownership check
Beneficial ownership check where the person needs to understand how customer due diligence affects the next legal step.
Next steps
What usually happens next
Start by using the definition and related questions on this page to place the issue inside the correct banking and finance pathway.
Use the related resource path for FICA Document Checklist, Banking and Finance Document Pack, and Banking and Finance Fee and Scope Guide to prepare documents, dates, facts, or questions before speaking to a lawyer or firm.
When the matter is urgent, disputed, document-heavy, or deadline-sensitive, move from research into lawyer discovery through Banking and Finance Lawyers Johannesburg or compare support through Banking and Finance Firms.
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
Prepare a banking and finance document pack by organising identity, authority, core matter records, official records, correspondence, financial records, deadline notes, and fee questions.
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 is customer due diligence?
What is customer due diligence starts with the definition above, but the practical meaning depends on where it appears in the banking and finance process. Use the related FICA compliance term, resources, and lawyer searches to understand the next step.
Why is a bank asking for documents?
Why is a bank asking for documents depends on the facts, the documents involved, and where the matter sits in the banking and finance process, especially where it relates to fica document request. Start with the definition above, then use the related terms and resources to understand the next step.
What is source of funds?
What is source of funds starts with the definition above, but the practical meaning depends on where it appears in the banking and finance process. Use the related FICA compliance term, resources, and lawyer searches to understand the next step.
When are enhanced checks needed?
When are enhanced checks needed depends on the facts, the documents, and any deadline that applies. If timing may affect customer due diligence, check the relevant process early and speak to a qualified legal professional where necessary.
Find legal help
Lawyers and firms
Need help with banking and finance?
Use this term as context, then compare relevant lawyers or law firms for your next step.