In a standard customer due diligence (CDD) process focused on financial inclusion, the Financial Action Task Force (FATF) Recommendations require: (Choose two.)

The correct answer is B. identification and verification of the customer's identity. D. identification of the beneficial owner. Verifying a customer's identity is a fundamental CDD requirement under the FATF Recommendations, ensuring you know who your customer is. Identifying the beneficial owner is required to uncover the natural persons ultimately controlling or benefiting from an account, closing the…

AML/CFT Compliance Programs

Question

Options

Aidentification of the customer's occupation.
Bidentification and verification of the customer's identity.
Cidentification of the customer's work address.
Didentification of the beneficial owner.
Everification of the customer's credit history.
F[verification of the customer's income sources.

How the community answered

(29 responses)

A
7% (2)
B
79% (23)
C
3% (1)
E
10% (3)

Explanation

Verifying a customer's identity is a fundamental CDD requirement under the FATF Recommendations, ensuring you know who your customer is. Identifying the beneficial owner is required to uncover the natural persons ultimately controlling or benefiting from an account, closing the gap that would allow misuse of corporate vehicles.

Topics

#CDD#FATF Recommendations#customer identification#beneficial ownership

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