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?
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.
Practical guidance on the
5th Money Laundering Directive
Complimentary guide on 5MLD
How The Ardonagh Group efficiently mitigate its sanctions risk across its portfolio of businesses
“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”
AML Checks
