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.
“We now have a robust tool in place that we can quite confidently say captures all of the appropriate data and screens it daily, to an agreed standard”