Know Your Customer (KYC) and Customer Due Diligence (CDD) are essential components of the AML compliance framework. Designated businesses must gather relevant information about their customers and categorize the associated risks accordingly. If the risk assessment reveals a high-risk level, Enhanced Customer Due Diligence (EDD) is required, which involves obtaining specific additional information from the customer. Once a customer relationship is established, it is vital to regularly monitor the customer profile and transactions to stay informed about any updates and potential Money Laundering Activities. If any suspicions arise, the customer and the related transaction or activity must be promptly reported to the Financial Intelligence Unit (FIU).
