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Customer Due Diligence (CDD)

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Customer Due Diligence is a key part of AML compliance, and SmartSearch’s technology simplifies CDD (Customer Due Diligence) for quick and accurate results.
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What is Customer Due Diligence and what is its objective?

Customer due diligence (CDD) involves verifying a customer's identity through personal details like name, photograph, address, and date of birth, usually by accessing documents such as passports, driving licenses, or utility bills.

What is Customer Due Diligence and what is its objective?

Customer due diligence (CDD) involves verifying a customer's identity through personal details like name, photograph, address, and date of ...

What CDD checks are needed for a business?

To carry out customer due diligence for a business, you’ll need to check the company is registered with Companies House, and identify any persons of significant control (PSCs). You’ll also need to find out if there are any ultimate beneficial owners, as well as look at the company's annual returns and statements.

What CDD checks are needed for a business?

To carry out customer due diligence for a business, you’ll need to check the company is registered with Companies House, and identify any ...

When is CDD required?

Customer due diligence is required at the onboarding stage, when your firm is in the process of bringing in a new customer. Every firm that’s subject to money laundering regulations should be performing CDD as part of their risk-based approach to AML.

When is CDD required?

Customer due diligence is required at the onboarding stage, when your firm is in the process of bringing in a new customer. Every firm ...

How are CDD checks performed?

Most firms still complete their customer due diligence manually. This involves checking physical ID documents to verify the person’s name, address and date of birth, and then checking that person’s details against sanctions and PEP lists.

How are CDD checks performed?

Most firms still complete their customer due diligence manually. This involves checking physical ID documents to verify the person’s name, ...

Customer Due Diligence procedures are a core element of anti-money laundering regulations

The AML regulations applicable in the UK are derived from a patchwork of domestic and international laws, of which the main ones are outlined below: 
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What is a risk based approach to Customer Due Diligence?

Customer due diligence is required at the onboarding stage when your firm is bringing in a new customer. Every firm subject to money laundering regulations should perform CDD as part of their risk-based approach to AML. This not only includes all businesses in the financial services sector but also:

To effectively implement a risk-based approach, consider the following steps:

Conduct a Risk Assessment

Begin by evaluating your firm's overall risk profile. This assessment should be detailed and reflect the unique characteristics of your business activities.

Tailor CDD procedures

Based on your risk assessment, determine the extent and depth of CDD required for each client. For higher-risk cases, more detailed information and verification steps will be necessary.

Document and demonstrate compliance

It's essential to maintain thorough documentation.This includes detailed records of your risk analysis and written policies outlining how your firm applies AML requirements to different risk levels.

Create a robust defence against potential money laundering

By following these steps, your firm can not only meet regulatory requirements but also create a robust defence against potential money laundering activities. This approach ensures that CDD processes are not only comprehensive but also adaptable to the varying levels of risk presented by different clients.

Understanding the different levels of Customer Due Diligence

Customer Due Diligence (CDD) is a crucial process involving various checks to verify your client's identity and ensure they are who they claim to be. This process is essential for assessing risks related to money laundering and terrorism financing. Understanding the different levels of CDD can help you better manage these risks.
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Whether you’re a small business just getting to grips with AML regulations or a large corporation with plenty of experience in compliance, SmartSearch can help you to comply with regulations, fight financial crime and grow your business with confidence.

 

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We’re more than just an automated platform. SmartSearch will assist you with the design and implementation of a risk-based approach to suit your business. We’ll keep you up to date with ever-changing anti-money laundering regulations, and be your point of contact for any queries.
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Streamlining Customer Due Diligence with SmartSearch

With SmartSearch, your Customer Due Diligence (CDD) process becomes a streamlined, efficient experience. Our advanced platform automates the identification and verification of customer information, ensuring compliance with AML regulations. By accessing a wide range of reliable data sources, including passports, driving licenses, and utility bills, SmartSearch helps you quickly and accurately verify customer identities, reducing risk and saving valuable time.

Frequently Asked Questions

How often should CDD be conducted?

CDD should be conducted at the start of a business relationship and periodically reviewed. The frequency of reviews depends on the customer's risk level; high-risk customers require more frequent and thorough reviews compared to low-risk customers.

What is Enhanced Due Diligence (EDD)?

Enhanced Due Diligence (EDD) is an extended version of CDD, applied to high-risk customers. It involves more rigorous checks, ongoing monitoring, and a deeper understanding of the customer's activities to mitigate potential risks.

What are the consequences of non-compliance with CDD requirements?

Non-compliance with CDD requirements can lead to severe penalties, including fines, reputational damage, and potential legal action. It can also result in regulatory scrutiny and loss of business opportunities related to trust and credibility.

How long must records of CDD documents and supporting evidence be kept?

You must retain records of Customer Due Diligence (CDD) documents and related evidence for a period of five years after the conclusion of a business relationship or a one-time transaction.