It goes without saying that registered firms need to be sure their customers are who they say they are. The laws and regulations around identifying customers are there to deter the devastating impact that money laundering and other financial crime has both on individuals and the wider economy. However, for some customers, this initial stage of applying for a product or opening an account is challenging due to their lack of ‘standard’ identification documents. This poses a number of risks in relation to both good customer outcomes and access to banking. In our new thought piece for registered firms, we look at various elements for firms to consider when looking at how they approach identifying customers. This includes points across the process, training, escalation routes, assurance, and communication.
Registered firms, please log in and follow this link to access this piece and more resources exclusively for registered firms through the secure side of the LSB’s new website.