The Customer Acceptance Policy (CAP) of the Bank is a significant document in determining the basis on which the Bank enters into relationships with its customers. An inadequate CAP or the deficient execution of the CAP can expose the Bank to serious compliance, legal, financial and reputational risks.
Banks acknowledge only those customers whose identity is established by conducting due diligence appropriate to the risk profile of the customer. Gathering adequate and relevant information about the client before the relationship is established is the 1st effective step toward defense against the Bank being utilized as the medium to launder the proceeds of crime or to finance terrorism.
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