Customer Due Diligence

+44 (0)29 2067 8555
Contact Us

Accelerate due diligence with expansive risk data

Understanding customers and the risk a relationship could pose

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.

When should organisations conduct customer due diligence procedures?

Handshake

When establishing a business relationship

Robber

When suspecting terrorist financing and/or money laundering activity

ID Card

When doubts arise regarding previously obtained customer identification information

Cash UK

When making a payment to a supplier or when carrying out an ‘occasional transaction worth €10,000 or more (as a high value dealer)

Money Bag UK

When performing an ‘occasional transaction’ worth €15,000 or more (if not a high value dealer)

Man and Woman

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.

Practical guidance on the
5th Money Laundering Directive

Complimentary guide on 5MLD

How Acquired save time with their onboarding process

“We can see an individual’s whole history very quickly. This is a game-changer for us in terms of best practice screening and compliance”

OneFamily adopts new screening tools to minimise impact of MLD4 and maximise efficiency

“We are doing more than we were doing previously, with fewer people.”

Contact us today for a no-obligation consultation

Please call +44 (0)29 2067 8555 or complete the form and we will be in touch shortly to discuss your requirements…

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.

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.