Customer Due Diligence

You wouldn’t make a decision to hire someone without determining if they have the qualifications for the position, would you?

Employers and financial services companies alike need to thoroughly assess their potential clients before allowing them to open an account so as to reduce the risk of fraud or money laundering. This is where customer due diligence comes into play – a key tool when it comes to safeguarding investments and preventing criminal activity.

WHAT IS THE IMPORTANCE OF CUSTOMER DUE DILIGENCE?

Conducting customer due diligence is an essential step prior to onboarding, as it involves assessing the risk of each incoming customer by performing extensive background checks.

Ensuring Customer Legitimacy Through Due Diligence:

To verify the identities and legitimacy of customers, Tasheel obtains a broad range of information such as full name, image identification card, address, telephone number, email id, occupation details, and Tax Identification Number.
For the purpose of Customer Due Diligence (CDD), Tasheel demands businesses must supply additional data that reveals their business model, the origin of funds, and who ultimately benefits from it.
At the customer level, identity, location, and business type are used to determine Risk Profiles/Risk Assessments which can be categorized into low, medium, or high levels of money laundering risk. The degree of due diligence required for each customer relies on their individual associated risk score - with higher-risk customers requiring a more thorough process than those deemed at lower risk.
Continuous Supervision: After onboarding customers, customer due diligence does not simply end there. To ensure security and compliance with regulations, a continuous monitoring system must be put in place to scrutinize high-risk customers, any suspicious transactions or changes made on their profile, etc.

At Tasheel, we take customer due diligence seriously. Our seasoned experts are committed to delivering exemplary service and unparalleled support that our customers can count on.

We understand that each customer has unique needs and goals, and we strive to ensure that all requirements are met in order to protect their financial interests.

Our comprehensive customer due diligence process includes a thorough background check of the customer and their financial activities. This helps us ensure that all involved parties are legitimate, ethical, and respected in the industry.

Customer Due Diligence

WHAT IS THE IMPORTANCE OF CUSTOMER DUE DILIGENCE?

Ensuring Customer Legitimacy Through Due Diligence:

Reach Us now for Legal Consulation