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What issues do EU companies face when trying to verify/check their customers or make customer due diligence (CDD) via existing registers and public sources?
The industry doesn't matter. Will appreciate any source in that area: media articles, experts' conclusions, et cetera. I'm interested in the process as a part of KYC practice.
There are several issues that EU companies may face when trying to verify their customers or conduct customer due diligence (CDD) using existing registers and public sources:
Limited access to information: Some registers and public sources may not be easily accessible or may have limited information available. This can make it difficult for companies to obtain the information they need to conduct effective CDD.
Data quality: The accuracy and reliability of the information in some registers and public sources may be questionable. This can make it difficult for companies to trust the information they are using to make decisions about their customers.
Data protection: There are strict data protection laws in the EU that regulate the collection and use of personal data. Companies need to ensure that they are complying with these laws when using registers and public sources for CDD.
Language barriers: Companies may face challenges when trying to access and understand information from registers and public sources that are in languages other than their own.
Time and cost: Verifying customers and conducting CDD can be a time-consuming and costly process, especially if companies are relying on multiple sources of information.
Overall, it can be challenging for EU companies to effectively verify and conduct CDD on their customers using existing registers and public sources. It is important for companies to carefully consider the limitations and risks associated with these sources and to adopt a risk-based approach when conducting CDD.
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