AMLAWARE | Customer Identification
AMLAware International – Anti-Money Laundering compliance training programs meeting regulatory requirements for insurance companies, the financial services industry, and the banking sector worldwide.
Anti-money laundering, training, training program, training programs, money laundering, insurance, finances, financial industry, banking sector, international, international anti-money laundering
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Customer Identification

17 Jun Customer Identification

Topic Progress:

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.