If an individual customer is identified as medium-high and high ML/TF risk, based upon your AML/CTF Program, you are to perform enhanced due diligence before starting a business relationship and providing a designated service to that customer.
Refer to the bronID Customer Risk Profile Guide to understand what each risk level means.
The enhanced due diligence procedure outlines any additional KYC information relating to the individual or entities existence which can be collected and then verified for the purpose of identity verification and ML/TF risk mitigation relevant to the provision of the designated service.
Depending on the ML/TF risk level of the customer the enhanced due diligence procedure will perform some or all of the following risk mitigation procedures:
- Collect and verify information about the source of funds
- Perform additional database checks
- Collect and verify the customer's nature of the business
- Analyse and monitor transactions
- Seek senior management approval
If you need to reference a past verification, open the Results menu, search the customer and click the "Show Details" button in the record.
Refer to AML/CTF Tools and Controls to see how you can mitigate the risk of customers by performing enhanced due diligence whilst using the bronID portal.