What is the EDD AML process?

Singapore
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What is the EDD AML process?

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Enhanced Due Diligence (EDD) is an AML process applied by regulated entities when dealing with high-risk customers. Singapore’s regulatory regime requires regulated entities to undertake the following measures as a part of EDD:

  • Inquiring about the financial profile of the customer, including determining the source of funds and source of wealth
  • Onboarding the customer only with the approval of the senior management,
  • Conducting ongoing monitoring of transactions and business relationship

Explore the essential elements of Enhanced Due Diligence with this blog