Due Diligence in a Credit Control funtion - what's involved?

geek84

Hi Folks

Can someone explain what due diligence means in a credit control role?

Thanks

SandyHood

Geek84
I can see you have had responses from your similar posting
http://www.ukbusinessforums.co.uk/threads/what-is-due-diligencew-in-credit-control-function.332317/#post-2463960

Please add to that this aspect, your prospective customer may not only be a risk in terms of non-payment. Your customer may be using trade with you to try and turn the proceeds of criminal activity into legitimate money.

The HMRC link below ought to help.
The area of agreeing credit to customers is one where you need to be vigilant as far as money laudering is concerned
http://www.hmrc.gov.uk/mlr/your-role...sibilities.htm
This is the relevant section on the page
http://www.hmrc.gov.uk/mlr/your-role...bilities.htm#1

The AAT syllabus for Professional Ethics deals with this.
Perhaps (if you have qualified before this was part of the course) this would be a suitable topic for your local society to include in the forthcoming CPD programme.