What is Customer Due Diligence (CDD)?
1 year ago
Banking
Customer due diligence is a process of identifying the customer and verifying that customer’s identity
using reliable, independent source documents, data or information. It includes;
Identifying customers, including beneficial owners;
Gathering information on customers and beneficial owners and creating a customer risk
profile;
Applying established customer acceptance policies to new customers;
Maintaining customer and beneficial owner information on an ongoing basis; and
Monitoring customer’s transactions and relationship with the customer on an ongoing
basis.
Rusma Khadka
May 23, 2023