What is Enhanced Due Diligence (EDD)?

18 Mar 2020

In our last blog, we mentioned about Customer Due Diligence and its growing trend among the finance world. Also, I had categorised CDD further into Enhanced Due Diligence, which involves greater indulgence of financial firms into the monitoring of the stakeholders involved.

Certain clients, for example, politically uncovered people (PEPs), represent a lot higher illegal tax avoidance chance thus require upgraded CDD measures, which may include:

  • Getting extra client ID materials
  • Establishing the source of funds or wealth
  • Closer examination of the idea of the business relationship or motivation behind an exchange.
  • Executing continuous checking techniques.

What is ongoing Monitoring?

Progressing checking alludes to the consistent investigation of business connections. This procedure matters in light of the fact that, while incidental exchanges may not at first present as suspicious, they may shape some portion of an example of conduct over an all-encompassing timeframe which uncovers an adjustment in a hazard profile or business relationship. Continuous checking includes:

  • Checking exchanges over the span of a business relationship to guarantee a customer's risk profile coordinates their conduct.
  • Keeping up responsiveness to any adjustments in chance profile, or any components which may raise doubt.
  • Keeping significant records, reports, information, and data that might be required for CDD purposes.

Progressing observing ought to apply to all business connections yet, as other CDD measures, might be scaled to mirror the client's risk profile.

Innovation and Skills

At last, successful CDD and KYC measures are based on a blend of innovation and skill. As risk profiles and criminal dangers develop, budgetary establishments must be set up to be as adaptable and imaginative with their way to deal with CDD as some other part of their AML/CFT strategy. While innovation gives helpful apparatuses to encourage CDD forms, human carefulness stays indispensable to spotting and tending to new dangers.

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