What is the Enhanced Due Diligence checklist?
When conducting Enhanced Due Diligence (EDD), entities should undertake the following measures and include the same in their EDD checklist:
• Collecting additional information on the customer and their Ultimate Beneficial Owners (UBO)
• Conducting stringent ongoing monitoring and frequent re-KYC
• Collecting additional information on the intended nature of the business relationship, transactions, business structure, etc
• 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 monitoring and frequent re-KYC
• Monitoring transactions stringently to detect suspicious activities and transactions in a prompt manner
Our AML Expert recently conducted a Webinar on Navigating Risk with Enhanced Due Diligence: A Compliance Roadmap. For more information on EDD, you can watch its recording here: