Governance, Risk and Compliance (GRC)

Introduction: One of the important Regulatory Compliance requirements of Anti-Money Laundering Frameworks is the performance of activities which is known as Customer Due Diligence.  Before onboarding, the customers are unknown to the company or business because of the non-verification of identification information of the prospective customer.  Due diligence is a process that is performed, to assess the possible risk of Money Laundering or Terrorist Financing (ML/TF), associated with the prospective customer. Due diligence enables organizations to avoid onboarding criminals such as money launderers or terrorists and associated people or organizations. Without performing due diligence, the organizations carry the risk of dealing with customers who may be money launderers, terrorists, or other criminals.   In the past, various organizations, especially banks have been  significantly   penalized by the regulatory authorities, due to the weak Customer Due D...