Customer due diligence when you’re establishing a business relationship
A business relationship is one that you enter into with a customer where both of you expect that the relationship will be ongoing. It can be a formal or an informal arrangement.
When you establish a new business relationship you need to obtain information on:
- the purpose of the relationship
- the intended nature of the relationship – for example where funds will come from, the purpose of transactions, and so on
The type of information that you need to obtain may include:
- details of your customer’s business or employment
- the source and origin of funds that your customer will be using in the relationship
- copies of recent and current financial statements
- details of the relationships between signatories and any underlying beneficial owners
- the expected level and type of activity that will take place in your relationship
How to perform Customer on-boarding check ?
There are many great tools that could significantly increase the comfort of the work thanks to automation like this UK Company Scanner.
Such tools could access the Companies House Database and:
- automatically verify the Company registration number in Companies House
- get all the required data directly from Companies House and compare it with the Customer statement