You can use 2Shakes to do Customer Due Diligence (CDD) and Identity Verification (IDV) without an agreement. This can be useful if you want to do CDD on an existing customer without renegotiating their contract for services.
You can choose to do AML only either:
- All of the time: Meaning you only use 2Shakes for AML CDD. To do this you should change the profile. So it is set up each time you use it to only do AML CDD.
- Occasionally: Meaning you will use 2Shakes for onboarding new customers, and also for doing AML CDD only for existing customers. To do this you should change the email text each time you request a client completes AML CDD identity information.
AML Only – All of the time
If you only want to us 2Shakes to do AML/CFT CDD then you do not need to include information about services & fees, Authorities, T&Cs. You also need to word the emails that are sent to customers to describe what your clients need to do for AML only.
- Signing email: Change the email text to references to signing an agreeement.
- Congradulations Email
Profile – Services & Fees
- Change the service descripton ‘to carry out CDD for AML’
- Delete the list of services.
- Change fees to either ‘no fees are charged for CDD’ or ‘fees are as listed in your existing agreement’.
Profile – Authorities and T&C
- Deselect all Authorties (unless required)
- Delete T&C (unless required).
AML Only – Occasionally
If you occasionally need to use 2Shakes to only do AML for a client (seperate from your engagement letter process). Then you can make the following changes as part of the sign up process.
Deselect any listed services and explain that only customer due diligence will be performed.
Remove any fee text and explain that no charges will apply.
Remove any T&C and explain that no T&C will apply.
Change both emails sent before and after Customer Due Diligence to replace any reference to agreements or to signing with an explaination of Customer Due Diligence.