Accelerate due diligence with expansive risk data
Understanding customers and the risk a relationship could pose
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.
AML Checks
Beneficial Owner
When should organisations conduct customer due diligence procedures?
When establishing a business relationship
When suspecting terrorist financing and/or money laundering activity
When doubts arise regarding previously obtained customer identification information
When making a payment to a supplier or when carrying out an ‘occasional transaction worth €10,000 or more (as a high value dealer)
When performing an ‘occasional transaction’ worth €15,000 or more (if not a high value dealer)
As and when necessary for existing customers, e.g. if circumstances change
Gain a deeper understanding with Enhanced Due Diligence
If an organisation is interacting with a Politically Exposed Person or an individual who presents a higher risk, then EDD should be employed.