Customer Due Diligence (CDD)
2Shakes helps you record the customer due diligence level for your cusstomer. AML/CFT requires three levels of CDD.Simplified, Standard and Enhanced. Your AML programme should outline your approach to determining the CDD level.
In 2Shakes you can record notes & files around the customers risk assessment and upload Risk Assessment documents to store them securely.
AML/CFT legislation identifies certain factors that will escalate the risk to enhanced Customer Due Diligence. 2Shakes will record when you decide these factors exist and provide help text to describe what actions you should consider when these factors apply. Using 2Shakes to record risk factors has the added benefit of allowing a mechanism to easily count them for the purposes of annual reporting to DIA. You can find out more information about AML reports and statistics here.
Enhanced Customer Due Diligence
If Enhanced Customer Due Diligence exists you need to determine what standard of identity verification is approrpriate. You need to identify where the money came from by verifying the source of wealth (SoW) or proof of funds (PoF) for the customer.
Examples could be a sale and purchase agreement (if the funds came from the sale of a house), payslips, or financial records of a businesses account.
2Shakes assists you to collect SoW/PoF by providing you and your customers and beneficials owners to upload the files you request to a secure location.
Nature and Purpose of the Business Relationship
2Shakes prompts you to record the nature and purpose of your business relationship as part of your onboarding process. We provide you with help to prompt you to craft a good nature and purpose statement.