Customer Due Diligence (CDD)
2Shakes helps you record the customer due diligence level for AML/CFT for each entity on your agreement. So you can record and comply with the AML programme that you follow have decided to use for your practice.
2Shakes lets you record:
- the appropriate Customer Due Diligence (CDD) level (with factors that elevate the level to Enhanced),
- a description of the nature and purpose of the business relationship (to assist with monitoring),
- your assessment of the AML/CFT risk the customer presents,
- additional information that you need to capture if you are dealing with Trusts
Details are stored securely on the 2Shakes Microsoft Azure platform.
Watch how 2Shakes AML/CFT records section helps you comply with AML/CFT CDD:
Customer Due Diligence
2Shakes presents a list of all the parties on your agreement so that you can record the customer due diligence level that is appropriate to each entity. There are three CDD levels (simplified, standard, and enhanced). Different identity information needs to be verified for each CDD level. To find out more about CDD levels read the ‘More on CDD…’ section on our AML page.
In 2Shakes you can record notes & files around the customers risk assessment and upload Risk Assessment documents to store them securely.
Enhanced Customer Due Diligence
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.
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.