Customers are advised to upload proof of identification, such as a passport or driving license, these are immediately checked and our all system can identify any fraud as will expired documents or counterfeit papers. Within minutes we know if you say who you are is you.
We even in our personal lives we perform due diligence on everything from prospective employers to potential dates, where we want to go on holiday, or simply where to eat (think of restaurant reviews). Thus in the business sector, we need to take active steps to mitigate business relationship risks stemming from financial crime, credit worthiness and Anti-Money Laundering/Counter-Terror Financing perspectives.
Customer Due Diligence (CDD) or Know Your Customer (KYC) policies are the cornerstones of an effective AML/CTF program. Put simply, they are the act of performing background checks on the customer to ensure that they are properly risk assessed before being onboarded.