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Can you explain the importance of obtaining customer due diligence?

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Question ajoutée par Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
Date de publication: 2020/06/21
Ruba Almubarak
par Ruba Almubarak , Financial Analyst , public pension Agency

to comply with regulations and to make sure that the customers have a clean records and have not involved in any action considered as money luandering or terrorisom finance which may cost the company a lot and harm its repuation.

 

Cynthia Fombo  ACCA
par Cynthia Fombo ACCA , Senior Accountant , British Integrated Group of Co

DUE diligence is a way of knowing your client/ customer better. It involves  knowing who the board of directors are, the principal activities of the business, the investors, the releted parties of a company etc. This check is done ensure that the customer is not invoved in money laundering which could lead to reputation risk for the audit firm.

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