Customer due diligence (CDD)
The checks a regulated business runs to identify a customer and assess their risk.
Customer due diligence is the core of KYC. Before starting a business relationship, a regulated firm identifies the customer, verifies that identity, identifies any beneficial owner, understands the purpose of the relationship and assesses its risk. Throughout the relationship, it keeps that information up to date.
Levels of due diligence
- Simplified due diligence: lighter checks where the risk is demonstrably low.
- Standard due diligence: the default.
- Enhanced due diligence: extra checks for higher-risk customers, for example politically exposed persons or complex structures.
Where identity verification fits
Remote identity verification covers the identification and verification steps: checking a genuine document, matching the person to it, and keeping a record of how it was done. Risk assessment and monitoring are separate steps that build on it.
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