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Customer due diligence is an AML/CFT process that financial institutions must implement. It consists in investigating a customer's background (identity, residential address, etc) and assessing their level of risk.
Different situations trigger the need to conduct customer due diligence such as when:
- entering a new business relationship;
- transactions reach a certain threshold;
- there is suspicion of money laundering;
- the documentation transmitted by a customer is unreliable.
Customer due diligence also allows companies to adopt a risk-based approach (RBA) by assessing their level of risk and adapting the level of due diligence for them.
Today, more and more companies operating with cryptocurrencies are subject to customer due diligence. They should adopt proper processes to stay compliant with local AML/CFT regulations.