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3.2.1.3.3 Developing a Customer Profile

Effective from 16/6/2021

Businesses, including those in the DPMS and real estate sectors engage in an extremely wide variety of financial activity, potentially a wider variety than individual customers are likely to display. The activity profile of a cash-intensive business such as a small DPMS is likely to be completely different from that of a large- scale commercial developer. At the same time, specific businesses are also likely to engage in patterns of activity that remain constant from month to month and year to year. Understanding the purpose of the account allows LFIs to develop expected patterns and compare them to actual behaviour.