Customer Due Diligence Guidelines, Identification of Customers

First step of knowing your customer is to perform an approved identification process. Below you will find customer due diligence guidelines for identification of customers on an international approved way. By following these customer identification guidelines you will make sure that you are in compliance with laws and regulations in the first step of knowing your customer.

Customer identification guidlines – on site

Customer is an individual person

• Name
• Social security number
• Identification document type and number

Customer is a legal entity

(E.g. a Limited Company)

• Name
• Organization number

Attorneys for the legal entity
(Such as an authorized signatory)

• Name
• Social security number
• Identification document type and number
• Register extract with signatory
(If the attorney is not authorized to sign for the company a power of attorney should also be presented in original and documented)

Customer identification guidlines – at distance

Customer is an individual person

• Name
• Social security number
• Address
• Personal information is checked against external records (such as credit data) and
• Contact the customer, for example by sending confirmation to the customer’s registered address or requesting a copy of ID document or take similar action for identety check or
• E-authentication

Customer is a legal entity

(E.g. a Limited Company)

• Name
• Organization number
• Address

Attorneys for the legal entity
(Such as an authorized signatory)

• Name
• Social security number
• Address
• Personal information is checked against external records (such as credit data) and
• Contact the customer, for example by sending confirmation to the customer’s address or request a copy of ID card or take similar action for identety check or
• Register extract with signatory
(If the attorney is not authorized to sign for the company a power of attorney should also be presented in original and documented) or
• E-authentication

The Company’s Principal Shareholders

(The question should be asked when the customer is on site as well as at distance)

Do any individuals directly or indirectly (through companies) own more than 10 percent of the company?

If yes, put this/these owners’ names and social security number on file.

It should be documented when and by whom the identification of customers was made!

There are companies today that provide customers due diligence services for companies and businesses subject to the money laundering laws. Providing, or requesting, the right documents in the correct format can make the proses much more convenient and faster. Service provider will also make sure that the client is in compliance with the law and know your customer regulations.

Click here to read more about our Due Diligence Services.

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