What are the enhanced CDD measures?
Enhanced Due Diligence (EDD) is a more stringent or stricter version of Customer Due Diligence (CDD), applicable on customers posing higher risk of Money Laundering (ML), Terrorism Financing (TF), or Proliferation Financing (PF). It involves measures such as collecting additional information on the customer, their Ultimate Beneficial Owners (UBO), intended nature of business relationship, and transactions, obtaining information about the Source of Funds or Source of Wealth, seeking the approval of Senior Management before customer onboarding or continuing the business relationship, conducting enhanced ongoing, etc.
For more information on EDD measures, read our detailed guide here: