What is the red flag for EDD?
Regulated Entities in Singapore are required to perform Enhanced Due Diligence (EDD) when dealing with a high-risk customer.
A customer is adjudged as a high-risk customer if there are certain red flags associated with the customer, such as:
- If the customer is a Politically Exposed Person or a close associate of a PEP
- If the customer comes from or has a close association with a high-risk jurisdiction, such as FATF blacklist or grey list countries
- If the customer behaviour suggests potential suspicious activity
Transform your understanding on Enhanced Due Diligence with this descriptive illustration: