17 Jun Customer Identification
Posted at 21:07h in
The AMLO requires that CDD measures be followed and specifically requires the insurance company to:
- Identify the customer;
- Verify the identity of the customer using reliable, independent source documents;
- Verify beneficial owner’s identity and understand the ownership and control structure of the legal person or trust;
- If a person acts on behalf of another person, verify the beneficial person’s identity and identification and his authority to act on the customer’s behalf.
These requirements apply at the outset of the business relationship.