How to improve CDD process to ensure effective AML compliance?
An entity can improve its CDD process by:
• Verifying customer identities and ensuring that proper documentation is provided to prove such identities.
• Applying a risk-based approach to enable corrective actions per customers’ risk profile.
• Strengthening the vetting process. KYC software can provide a smooth and efficient CDD process.
• Ensuring that information is secure and no data breaches occur.
• Performing enhanced due diligence when necessary.
• Conducting regular audits to check the robustness of the CDD process
Here is the infographic providing understanding on various types of CDD: Understand the types of CDD measures to effectively mitigate the ML/FT risks