New Approaches in applying risk-based approach in customer due diligence

Abstract

The paper presents comparative analysis of global approaches to customer due diligence in financial services based on risk-oriented approach and global afford of implementing the financial inclusion policy. Our analysis shows that international practice tends not distinguish between remote and face-to-face identification. Collection of identifying information is being supplemented by the search of new authentication methods, e.x. confirming client’s identity using various sources of information.

Keywords

• customer due diligence
• cdd
• biometrics
• the financial action task force
• fatf
• anti-money laundering and combating the financing of terrorism
• aml/cft
• identification
• banks
• risk-based approach
• financial services