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.