Customer due diligence is an essential part of any anti-money laundering
compliance process; to understand whom a business is dealing with and their
activities. This Template AML Customer Identification Checklist is designed
for use by a low risk business that wishes to check the identity of a new
customer for AML purposes. The template contains a checklist for
individuals followed by one for corporate entities.
A business that is regulated under current anti-money laundering
legislation, must identify and verify their customers. A low risk business
is a business which is not regulated under current legislation and
therefore is not required to carry out this identification and
verification. However, as a matter of good business practice, it is
sensible for all businesses to consider having procedures in place to
identify customers and therefore minimise the risk of money laundering
within their organisation.
This form prompts the company to check a customer’s documents to prove
their name and address or corporate identity. A list of acceptable
documents appears in the form. The business can then assess the level of
risk and record this on the form.
This form is suitable for simple due diligence. Enhanced due diligence may
need to be undertaken for high risk customers.
This template should be read in conjunction with the AML policy and
Business Wide Risk Assessment. If you are unsure as to the risks your
business may be exposed to or how to complete this template, you should
seek professional advice.
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