Know your Customer (AML)
This section of the workflow demonstrates you know your customer, have copies of their identification documents and have made notes around how the interview took place.
Customer’s requirements and objectives
This section will populate in to the Summary of requirements and Credit Proposal document (expanded CPD)
Customer’s financial position = some mandatory (income / CILE)
- If the liability relates to the purpose (i.e. debt con)
- If the asset relates to the purpose (i.e savings history or equity for purchase)
Product recommendation and selection.
Where applicable: Exit Strategy must be noted.
This section looks at your product recommendations and how they meet the customers’ needs and objectives.
The Final Product selection will populate into the Summary of requirements and Credit Proposal document (expanded CPD)
“Best Interest – “cheapest option”. If the loan applied for was not the cheapest option available, this section is mandatory and must note the reasons why the other product was selected over the cheaper option available.
Conflicts of interest
You must confirm if a conflict of interest was identified or not. If there was a conflict, you must note what that conflict was and how this was disclosed to the customer.
Priority Rule: You must confirm you have placed the customer’s interests above all else.
Statutory documents – Mandatory to confirm you have provided
No evidence needs to be uploaded as this also needs to be attached to the compliance tab in AOL
To learn more about Best Interests Duty please visit the BID Hub here