When should Enhanced Due Diligence be performed?
Enhanced due diligence (EDD) should be performed in the following circumstances:
• When the customer is high-risk in terms of the financial crime risks they pose to the business
• When customers are from high-risk jurisdictions
• When there are doubts about the appropriateness of customer’s risk classification
• When red-flags indicators are detected pointing towards money laundering, terrorism financing, or proliferation financing
To know more, check out our infographic on applying enhanced due diligence measures under UAE anti-money laundering (AML) regulations here: