What is the EDD AML process?
When a customer is categorised as high-risk after the Customer Risk Assessment process, Enhanced Due Diligence (EDD) measures are to be applied for the customer as prescribed under the Anti-Money Laundering (AML) laws of UAE. The EDD process involves steps such as:
• Seeking additional details about the customer’s identity, business structure, Ultimate Beneficial Owners (UBOs), etc such as the Source of Funds, Source of Wealth, etc
• Adverse media and social profile check
• Requiring first payment from a bank account held in the customer’s name
• Senior management approval before onboarding the customer or continuing business relationship with them
• Enhanced monitoring of customer information and transactions
• Conducting re-KYC frequently
We conducted a Webinar on Navigating Risk with Enhanced Due Diligence: A Compliance Roadmap, explaining the intricacies of the EDD process. Find its recording here: