ACAMS
CAMS · Question #195
How can a financial institution verify the nature and purpose of a business and its legitimacy?
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AML/CFT Compliance Programs
Question
How can a financial institution verify the nature and purpose of a business and its legitimacy?
Options
- ABy reviewing a copy of the corporation's latest audited reports and accounts
- BBy undertaking a company search or other commercial inquires to see that the institution has not
- CBy reviewing the company's website
- DBy using an independent information verification process, such as by accessing public and private
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Topics
#customer due diligence#business verification#independent verification#CDD methods