For all customer types, LFIs are required to understand the purpose for which the account or other financial services will be used, and the nature of the customer's business. This step requires the LFI to collect information that allows it to create a profile of the customer and of the expected uses to which the customer will put the LFI's services. This element of CDD will have important implications for the customer risk rating. This is particularly true of the nature of the customer's business, which will likely be the critical determinant of risk for customers of the types addressed in this Guidance.