Make sure you do Diligence!

Banks must carry out Customer Due Diligence (CCD) measures to understand who their customer and, where applicable, who the customer’s beneficial owner(s) are and to verify that they are who they claim to be. CDD also encompasses a requirement to understand the purpose and intended nature of the business relationship; this includes taking risk-sensitive measures to understand where the customer’s funds and wealth come from. Banks have to obtain sufficient CDD information to develop a comprehensive profile of the customer and, where applicable, the beneficial owner, and to understand the risks associated with the business relationship.