Every financial institution must thoroughly screen its customers They must screen them in advance and carefully monitor them afterwards. Through client due diligence the client is identified (are you who you say you are?) and screened (can you pose a risk?). Once onboarded, the client and all his financial transactions are permanently monitored. This is the Know Your Customer (KYC) principle often also referred to as CDD (Customer Due Diligence). Mandatory for all financial institutions KYC is a basic principle within the financial services industry. In the Netherlands, this is laid down in the Financial Supervision Act (Wft) and is elaborated in the Money Laundering and Terrorist Financing (Prevention) Act (Wwft). All financial institutions - not only banks and payment institutions but also, for example, insurers and investment advisors - must report suspicious situations and customer transactions to the regulators.…