Verification of Identity Part 2

The risk-based approach to client verification

It is helpful for you to understand the background and thinking behind the process of client verification because certain risk factors may occur unexpectedly during a transaction and you may be the one who spots them.

Staying alert

For example, a passport may be produced which looks as though it has been tampered with or a client might seem to be avoiding producing documents.

In such cases, we need to bear in mind the risk of exposing you or your organisation to substantive money laundering offences.

So if you are concerned, it is essential to involve the MLRO or other designated person as the information may give rise to the need to make a suspicious activity report.