ACCA AAA UK Syllabus A. Regulatory Environment - Importance of Customer Due Diligence - Notes 8 / 11
This is vital so as you know who you are dealing with - this is more than just getting their passports or certificates of incorporation (if they’re a company)
To know what is a suspicious transaction you must understand what their business patterns and models are
Also know where their income should come from, so any money laundering income would look suspicious
Client Acceptance Procedures
Identification procedures
Know your Client information
including... passports, driving licences, utility bills.
Also company registration documents
Their expected patterns of business
Their business model
Where their funds come from