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Customer Due Diligence

Compliance Consultancy Financial Crime Customer Due Diligence

Customer due diligence (CDD) is the process of verifying the identity of a customer or client and assessing the potential risks associated with doing business with them. It involves collecting and reviewing information about the customer's background, financial activities, and potential risks in order to comply with regulatory requirements and prevent money laundering and terrorist financing.

Customer due diligence compliance
CDD is a crucial component of a company's anti-money laundering (AML) and know-your-customer (KYC) procedures.


What is the EU legal framework for CDD?

Based on Chapter II of the EU Directive 2015/849:

“Member States shall prohibit their credit institutions and financial institutions from keeping anonymous accounts or anonymous passbooks. Member States shall, in any event, require that (…) passbooks be subject to CDD measures as soon as possible and in any event(...)”.

The text advises financial institutions to ensure they are compliant with their CDD obligations when involved in transactions or business relationships that require it. Non-compliance with CDD can result in significant administrative and criminal sanctions.
Customer due diligence transactions

The EU legal framework also distinguishes between standard CDD and enhanced due diligence (EDD), with the latter required for high-risk customers and transactions involving high-risk countries.

How can Pideeco help you with Customer Due Diligence?

Our decade-long expertise in the world of compliance and finance can help your company to:

- Navigate the EU regulatory landscape concerning CDD and EDD.

- Analyze your current CDD and EDD processes to determine any gaps and create and action plan to mitigate said gaps.

- Draft or improve your CDD and EDD policies and procedures.

- Identify and verify customers and beneficial owners on your behalf.

- Carry out ongoing due diligence of clients on your behalf.

- Embed sign-off within the institution of the EDD process of its most risky customers and create awareness with management.

- Train staff members on CDD and EDD processes.

Let us know how we can help! We'll get back to you lightning quick!

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