Customer Due Diligence (CDD)
It is making an effort to identify and verify the identity of the customer and the real beneficiary, continuous follow-up of the operations that take place within the framework of an ongoing relationship, and identifying the nature and purpose of the future relationship between the company and the customer.
Due diligence measures mean:
● Identifying and verifying the identity of the customer and the real beneficiary.
● Knowledge of the legal status of the parties involved in the banking relationship and the nature and size of their activities.
● Obtaining information regarding the purpose and nature of the operation.
● Identify the sources of funds.
● Applying additional client due diligence procedures when required. KYC / Enhanced Due Diligence Procedures (EDD)
Exchange companies must decide the extent to which due diligence measures are applied according to the sensitivity and size of the risks associated with the operation and the customer.
Exchange companies are prohibited from establishing (or continuing) a business relationship with persons of unknown identity or with fictitious or fictitious names, or with banks or fictitious companies.
Exchange companies are obligated to take due diligence measures to identify customers and real beneficiaries, especially in the following cases:
– When establishing continuous working relationships.
– When carrying out a transaction for a passing customer whose value exceeds one million Yemeni riyals or its equivalent in other currencies, including cases where transactions are carried out in the form of a single transaction or multiple transactions that appear to be linked to each other.
– When conducting occasional transactions for a passing customer in the form of wire transfers whose value exceeds two hundred thousand riyals or the equivalent in other currencies.
– When there is a suspicion of a money laundering or terrorist financing crime, regardless of any amounts indicated in these instructions.
– When there is doubt about the accuracy, sufficiency or validity of the previously obtained data regarding customer identification