Ongoing Due Diligence definition
Ongoing Due Diligence means regular monitoring of transactions in Customer’s accounts to ensure that they are consistent with the customers’ Business, risk profile and source of funds. Ongoing monitoring is an essential element of effective KYC procedures. Bank can effectively control and reduce its risk only if it has an understanding of the normal and reasonable activity of the customer so that it has the means of identifying transactions that fall outside the regular pattern of activity.
Ongoing Due Diligence means conducting ongoing monitoring of a business relationship and scrutiny of transactions throughout the course of the relationship to ensure that the transactions being conducted are
Ongoing Due Diligence means regular monitoring of Transactions in accounts to ensure that they are consistent with the Customers, Customers’ business and risk profile and source of funds/wealth.