Customer Due Diligence for Banks and Financial Institutions


This Directive ensures that banks and financial institutions establish and regularly maintain policies designed to determine the true identity of their customers as well as their customers' transactions. It facilitate banks' and financial institutions' compliance with the Banking Act of 1989, to maintain the integrity of the financial sector.

This Directive fosters cooperation among banks and financial institutions in customer identification and the ongoing monitoring of suspicious accounts and transactions by upholding the same standards to level the playing field between institutions that have already adopted formal Know Your Customer principles.

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Reserve Bank of Malawi
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