What are the 4 stages of customer due diligence?
The four stages involved in customer due diligence include:
• Verifying the customer’s identity and address (KYC process)
• Conducting customer risk profiling to assess the money laundering/terrorist financing risks posed by the customers
• Monitoring transactions and other activities involving the customer on an ongoing basis
• Reporting suspicious activities and transactions.
To understand more about customer due diligence, check out this blog post: A Complete Guide to Customer Due Diligence - AML UAE