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Difference between revisions of "Customer Due Diligence (CDD)"

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Customer Due Diligence (CDD) or [[Know Your Customer (KYC)]] policies are the cornerstones of an effective [[AML/CTF Program]].Put simply, they are the act of performing background checks on the customer to ensure that they are properly risk assessed before being onboarded. Many organisations have set forth guidelines on proper CDD policies, such as the United States’ Federal Financial Institutions Examinations Council on Customer Due Diligence (FFEIC) or the Financial Action Task Force’s (FATF) guidelines on KYC/CDD.<ref>Definition - What is Customer Due Diligence (CDD)? [https://accuity.com/resources/customer-due-diligence/ Accuity]</ref>

Latest revision as of 12:47, 11 October 2019

Customer Due Diligence (CDD) or Know Your Customer (KYC) policies are the cornerstones of an effective AML/CTF Program.Put simply, they are the act of performing background checks on the customer to ensure that they are properly risk assessed before being onboarded. Many organisations have set forth guidelines on proper CDD policies, such as the United States’ Federal Financial Institutions Examinations Council on Customer Due Diligence (FFEIC) or the Financial Action Task Force’s (FATF) guidelines on KYC/CDD.[1]

  1. Definition - What is Customer Due Diligence (CDD)? Accuity