Customer Due Diligence
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 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!
You'd rather talk face to face? Complete the form and schedule a meeting
Anti-money laundering (AML) is an important aspect of the financial industry because ...
Financial markets have become increasingly global, giving rise to new trading platfor...
Insider dealing (the term "insider trading" is also frequently used) arises w...
What are the dangers of cryptocurrencies?Cryptocurrencies are virtual or digital curr...
Businesses and financial institutions continuously face risks and obligations, such a...
Since 2007, the technological development and the growth of electronic and mobile pay...
Customer due diligence (CDD) is the process of verifying the identity of a customer o...
As part of their KYC procedure, financial firms submitted to AML regulation must list...
Fighting against dumping and bribery is required for any company. Suspicions of corru...
What is the Common Reporting Standard (CRS)?Following the 2010 US Foreign Account Tax...
The financing of terrorism is defined as the distribution or collection of funds, in ...
Faced with the outbreak of highly targeted attacks, risk management and information s...
What is MiFID II and MiFIR?The Directive 2014/65/EU (hereafter the "Directive"...
Fraud is a significant risk for businesses, with technological advancements leading t...
What is FATCA?FATCA is the US Foreign Account Tax Compliance Act, enacted in 2010 to ...
What is an embargo?As a result of globalization, businesses are more likely to face t...
Financial institutions must be able to identify and verify the identity of their cust...
We'll present you the technology to stop money laundering and terrorist financing
Europol defines Financial Crime as "illegal acts committed by an individual or a group of individuals to obtain a financial or professional advant...
Return to financial crime
-806688168.jpg)
In the past few years, many scandals related to money laundering have been recorded. For instance, the Panama Papers have shown how the rich and powerful use tax havens to hide their wealth. Big companies such as UBS and ABN AMRO are suspected of not complying with AML ...
Read more Author What else ?