What is EDD verification?
To mitigate the heightened risks of Money Laundering or Terrorism Financing (ML/TF), regulated entities in Singapore are required to place enhanced Due Diligence (EDD) measures such as:
- In-depth identity verification
- Strict verification of source of funds and source of wealth
- Vigilant monitoring of transactions and business relationships on an ongoing basis
Check out this blog to understand what additional checks are implemented by regulated entities as a part of Enhanced Due Diligence.