AB Corporate Client Due Diligence
Introduction - the 3 components
We are legally obliged to conduct client due diligence (CDD). There are three basic components of CDD:
identifying and verifying the client’s identity (ID Checking),
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
obtaining details of the purpose and intended nature of the business relationship.
The two elements of ID checking are given specific meanings:
‘identifying’ coming to know a client’s identifying details, their name and address; and;
‘verifying’ the process of obtaining some evidence that supports this claim of identity.