AB Corporate Client Due Diligence

We are legally obliged to conduct client due diligence (CDD). There are three basic components of CDD:

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• identifying and verifying the client’s identity (ID Checking),

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• identifying where there is a beneficial owner (who is not the client) and taking reasonable steps to verify their identity so that you are satisfied that you know who the beneficial owner is, and

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• obtaining details of the purpose and intended nature of the business relationship.

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The two elements of ID checking are given specific meanings:

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• ‘identifying’ coming to know a client’s identifying details, their name and address; and;

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• ‘verifying’ the process of obtaining some evidence that supports this claim of identity.

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