There are many pitfalls to avoid when running your own business and one of those is proving you have used Due Diligence when conducting financial operations with another company. What does this term actually mean, well, any business owner must take certain steps to identify any other company they deal financially with. There are three basic checks to be made, the potential customers name, a photograph of an official document that proves who they are, a residential address and a date of birth.
The usual documents that are accepted in these types of checks are, passports, a utility bill, a bank statement, and other official documents. If in any doubt about a potential customer, then have an AML ID CHECK carried out on them by a professional company such as http://www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks. These Due Diligence checks should always be carried out when you are establishing a business relationship with anyone involved in a property sale. You have suspicions that a potential customer is operating illegally. If you normally only trade in small amounts of money and then you have to carry out a transaction worth over £15,000, on more than one occasion.
As part of these Due Diligence checks you should always obtain thorough details of your new customers business, the origin of any funds they will be using, copies of financial statements and details of any relationships between any other signatories or potential beneficiaries.
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