Customer due diligence is identifying who your customer is and verifying the customer's identity on the basis of documents, data or information obtained from a reliable and independent source. This means verifying your customer’s name, address, data of birth as well as an official identification document.
How can it help your organisation?
In today's heavily regulated markets it is more important than ever to have an accurate view of who your clients are. Identifying them accurately at an early stage can ensure your organisation doesn't lose money through fraud or is fined by regulators for breaches of practice.