Where the risk associated with a business relationship or occasional transaction is increased, banks must apply EDD measures Article 18 of Directive (EU) 2015/849.These may include:

a) Verifying the customer’s and the beneficial owner’s identity on the basis of more than one reliable and independent source.

b) Identifying, and verifying the identity of, other shareholders who are not the customer’s beneficial owner or any natural persons who have authority to operate an account or give instructions concerning the transfer of funds or the transfer of securities.

c) Obtaining more information about the customer and the nature and purpose of the business relationship to build a more complete customer profile, for example by carrying out open source or adverse media searches or commissioning a third party intelligence report. Examples of the type of information banks may seek include:

i. the nature of the customer’s business or employment;

ii. the source of the customer’s wealth and the source of the customer’s funds that are involved in the business relationship, to be reasonably satisfied that these are legitimate;