Compliance solutions
ENHANCED KYC AND CDD
KYC and CDD
CDD Solutions
Customer Due Diligence is the process of identifying and verifying potential customers, companies and UBOs ensuring that the information they have provided is legitimate allowing your bank to properly assess the risk when on-boarding new clients. Applicable regulation governing Regulated institutions require them to identify and verify anyone they work with.
Solutions for EKYC AND ECDD
KYC Route
KYC checks involve identifying and verifying a potential customer and screening them against PEP, SIP, RCA and Sanction lists. But that is not the end of the process. In order to comply with regulations, you must also continue to monitor your customers for any changes.
What are the CDD and KYC regulations?
Under money laundering regulations, you must perform Customer Due Diligence on all customers to check they are who they say they are. If the risk of money laundering is high, for example, they are a PEP, you must carry out Enhanced Due Diligence in order to assess the potential increased risk that customer may pose to your business.
What’s the difference between KYC and CDD?
CDD (Customer Due Diligence) is the process of a business verifying the identity of its clients and assessing the potential risks to the business relationship. KYC is about demonstrating that you have done your CDD. Both KYC and CDD are integral to the AML process.
What are the standard CDD and KYC requirements?
When undertaking CDD and KYC, you must identify the customer and verify their identity using reliable and independent sources. You must also run PEP and Sanction checks and, if the customer’s name matches, run Enhanced Due Diligence to assess the risk they pose.
Automated Checks
Global Financial Intelligence Enforcement Network offers a one-stop-shop for all your bank’s Compliance and AML requirements. Our highly tailored system is designed around your operation and enables your staff at any level to successfully run AML checks.
See theGlobal Financial Intelligence Enforcement Network product
Verification of Blacklisted Individuals
If you are a regulated market participant and would like to confirm the AML grading or status of an Individual or Entity please click here
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