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 have decided to use for your practice.
AML/CFT Records
- 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
Video
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.
Risk Assessment
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.
Enhanced Customer Due Diligence
AML/CFT legislation identifies certain factors that will escalate the risk to enhanced Customer Due Diligence. For example if your customer is a trust or then you need to perform additional checks and gather more information.
Find out more about Enhanced Customer Due Diligence here.
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