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:

Review heightened risk factors that must be considered when assessing the amount of risk associated with a customer.

 

Country of Residence

The customer resides in or is connected to a country at high risk for money laundering, drug trafficking or terrorist financing (eg. FATF-listed countries).

 

Politically Exposed Persons (PEPs)

The customer is a politically exposed person (PEP) or connected to a PEP. The term “politically exposed person,” generally includes a current or former senior foreign political figure, his or her immediate family, and close associates.

 

Cash Businesses

The customer is heavily involved in a cash-intensive business, such as retail, liquor, or convenience stores, privately owned ATMs, or parking garages.

 

Source of Funds

The customer’s source of wealth or income cannot be easily verified or is not transparent.

 

Complex Structures

The customer uses complex business, trust, corporate structure, bearer shares, or other arrangements that limit transparency.