What is the EDD process flow?
Here’s how the Enhanced Due Diligence (EDD) process flows:
o Gathering additional information for identity verification
o Obtaining Source of Funds and Source of Wealth o Seeking Senior Management’s approval before onboarding a customer, or continuing relationship with High Risk Customer o Ensuring first payment through a bank account in the customer’s name
o Conducting adverse media and social profile check
o Enhanced monitoring of transactions and activities associated with the customer on an ongoing basis
o Regular re-KYC
o Reporting any suspicious activities or transactions
To understand EDD in detail, check out our extensive guide here: