What Is Enhanced Due Diligence?
If a business or a client has a higher risk of money laundering, terrorist financing, and other financial crimes, they require an elevated degree of due diligence. This is known as enhanced due diligence, which goes above and beyond the standard KYC/AML checks to collect details that are not in the normal scope.
This includes identifying the people and organizations behind clients, such as the ultimate beneficial ownership (UBO) in revealing the real source of wealth as well as funds and business activities. It also investigates the underlying relationships as well as investigates unproven transactions and other activities that could reveal hidden risks.
It’s a crucial element in the fight against criminal and terrorist funding. However it’s crucial to note that EDD must be considered on a case-by-case basis. For example, an account opening in the UK with clear passport, a solid address history, and no CCJs might only require CDD. But, another customer might require EDD due to an abundance of cash deposits or complicated transactions.
The best way to determine if EDD is needed is to design a thorough risk analysis and screening framework. This should include both your internal controls and external factors like negative media and sanctions, political instability as well as terrorism finance and organized crime, as well as fraud and money laundering.
Effective due diligence isn’t about just meeting regulatory requirements or protecting brand image. It’s about making an impact on the fight against global criminality. You need an identity verification and EDD system that is quick precise, reliable, and cost-effective to achieve this.
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