What is the customer due diligence rule?
Customer due diligence rules under a country’s AML regulatory regime require regulated entities to identify and verify their customers’ identities.
If such customers are legal persons, regulated entities also need to verify the identity of their ultimate beneficial owners.
Regulated entities also need to assess the risk posed by such customers and monitor their transactions to detect any suspicious activities.
To know more about the CDD process, check out this ebook on customer due diligence: Customer Due Diligence eBook