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Customer Due Diligence

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The Customer Due Diligence (CDD) process, which requires organisations to gather data to verify the customer’s identity and assess any potential risk associated with them, is a key part of any robust Anti-Money Laundering program. Through the Customer Due Diligence process, organisations need to build a profile of their customer and be able to interpret the level of relationship risk.

If, as part of a risk-based approach, CDD indicates that the subject of an enquiry carries a higher level of risk, such as a Politically Exposed Person, then the organisation must conduct Enhanced Due Diligence (EDD)to gain a deeper understanding of the customer.

Organisations determine their own risk level for CDD and EDD.

LexisNexis® Risk Solutions provides comprehensive yet non-intrusive checks to help organisations create a positive customer on-boarding experience whilst supporting compliance and business requirements.

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When should organisations conduct customer due diligence procedures?

When should organisations conduct customer due diligence procedures?

  • When establishing a business relationship
  • When suspecting terrorist financing and/or money laundering activity
  • When performing an ‘occasional transaction’ worth €15,000 or more (if not a high value dealer)
  • When carrying out an ‘occasional transaction worth €10,000 or more (as a high value dealer)
  • When making a payment to a supplier worth €10,000 or more (as a high value dealer)
     
  • When doubts arise regarding previously obtained customer identification information
  • As and when necessary for existing customers, e.g. if circumstances change

If an organisation is interacting with a Politically Exposed Person or an individual who presents a higher risk, then EDD should be employed.

Please contact us today to learn how we support customer due diligence requirements.

AML Checks

AML Checks

Robust AML Checks incorporate a variety of Know Your Customer measures, such as identity verification and name screening, to facilitate risk-based decision making.
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Beneficial Owner

Beneficial Owner

Only when the ultimate beneficiary in a business relationship is known can the true relationship risk be quantified. LexisNexis® Risk Solutions delivers comprehensive risk information to help evaluate ultimate beneficial owners.
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