17 Jun Conclusion
Posted at 21:25h in
Customer due diligence is an ongoing process that begins at the outset of the business relationship and continues through each significant transaction with the customer.
- To mitigate additional risk that insurance products will be used as vehicles for money laundering, the risk-based approach requires enhanced due diligence measures.
- Customer information obtained as part of the due diligence process enables financial institutions to verify the customer’s identity, assess the types of transactions the customer may likely engage, and detect suspicious activities.
- When suspicious activities or transactions are identified as part of the due diligence process, these must be reported by filing a Suspicious Transaction Report (STR) with of the Joint Financial Intelligence Unit (JFIU).