Customer due diligence

In this lesson

1. 0:00 Customer due diligence and know your client
2. 0:27 Understanding client identity and business operations
3. 1:01 Mandatory requirements under ACCA and regulations
4. 1:32 Identifying suspicious transactions and ongoing monitoring
5. 2:04 Information requirements for different entity types
6. 3:44 Verification documents for individuals and companies
7. 5:05 Due diligence for trusts and funding sources

About this lesson

Customer due diligence forms part of the know your client process and helps you identify suspicious transactions while protecting both your firm and the individuals within it. You'll discover the key information you need to gather, including verifying client identity through documents like passports and proof of address for individuals, and obtaining company certificates of incorporation and Companies House searches for entities. The lesson covers identifying beneficial owners, understanding the nature and purpose of the client's business, sources of income, and business structure—all essential for building a complete picture of who you're working with. The video also emphasises that customer due diligence is not a one-off exercise. You'll learn about the importance of ongoing monitoring to flag unusual or suspicious transactions, and the requirement to retain all supporting documents for a minimum of five years. Professional scepticism throughout this process is vital to protecting your firm from clients involved in money laundering.

Duration: 6m