Must I verify the identity of my customers?

Financial services firm, Obliged entity

Obliged entities under Article 2 of the AML Directive, including banks, payment firms, CASPs, auditors, estate agents and dealers in high-value goods.

Yes, customer due diligence is required before a business relationship or an occasional transaction above the thresholds.

Identify and verify the customer and the beneficial owner, assess the purpose of the relationship and monitor it on an ongoing basis.

critical (fine_cap_pct_turnover)

1. Identify and verify the customer
2. Identify the beneficial owner
3. Record the purpose of the relationship
4. Monitor transactions and keep records for 5 years

Before establishing the business relationship or carrying out the transaction (Article 14).

• AMLD Art. 11
• AMLD Art. 13
• AMLD Art. 14
• AMLD Art. 40
• AMLD Art. 59(3)

sha256 e7a254a69e0b22c6a8b0722f76dd429461d09c3ef3fd12ef66a1303adfe5a9e7 · read 2026-10-15 · Source: NovaCopilot

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