How do you complete Enhanced Due Diligence on customers?

Singapore
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How do you complete Enhanced Due Diligence on customers?

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Enhanced Due Diligence (EDD) can be performed by Regulated Entities by implementing the following measures:

  • Determining the customer’s risk profile and identifying the intended nature
  • Collecting and verifying additional info and documents of the business relationship
  • Examining the adequacy of measures applied to the risk identified
  • Perform enhanced ongoing monitoring of the business relationship and customer transactions

By performing these EDD measures, Regulated Entities can ensure effective protection against Money Laundering and Terrorism Financing (ML/TF) risks. Visit this informative blog on EDD to learn more about implementing EDD measures.