Ongoing Due Diligence: FATF emphasizes the importance of continuous monitoring of business relationships and transactions. This involves regularly assessing the risk associated with a customer and ensuring that the information remains up-to-date. It includes monitoring transactions for any suspicious activity or red flags.
Beneficial Owners: Identifying beneficial owners is crucial, but it must be done with verification of their true identity. This is part of the initial due diligence process.
Risk Assessment: Conducting risk assessments is essential, but it is not specific to customer due diligence. Risk assessment applies broadly to anti-money laundering (AML) programs.
Products and Services Suitability: While understanding the suitability of products and services is relevant, it is not a direct measure within customer due diligence.
Reference:
Anti-Money Laundering Specialist (the 6th edition) resources.
FATF 40 Recommendations (Recommendation 10: Customer Due Diligence).1
CFATF Technical Articles (Customer Due Diligence Measures).2