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Internal Procedure for Customer Acceptance

Key Components

The internal procedure for customer acceptance should include several key components to ensure that customers are properly assessed and their relationships with the company are managed effectively.

Collection of Relevant Information

About Customers and Business Relationships

The following information should be collected about customers and business relationships:

• Customer characteristics: This includes demographic, financial, and other relevant information about the customer.
• Purpose and nature of the business relationship or transaction: This includes details about the type of services provided, the products sold, and any other relevant aspects of the business relationship.

Individual Risk Assessment Methodology

To Determine Associated Risks

A thorough individual risk assessment methodology should be used to determine the risks associated with each customer and their business relationships. This will help identify potential areas for concern and inform decisions about how to manage those risks.

Further Details

For more information on identifying customer characteristics and the purpose and nature of business relationships or transactions, please refer to our page: Identification of the Customer’s Characteristics and of the Purpose and Nature of the Business Relationship or the Occasional Transaction.