Customer Due Diligence requirements state in §1020.210(a)(2)(v) that an institution must implement appropriate …risk-based procedures for conducting ongoing customer due diligence, to include, but not be limited to:
- Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and
- Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information. …customer information shall include information regarding the beneficial owners of legal entity customers (as defined in § 1010.230 of this chapter)…
So, what are some possible triggers that might warrant updating a customer’s risk profile?
Kevin explains more in the video.
Published 2026/06/02
