KYC (Know Your Customer) – this is a legal requirement intended as an AML measure.
CDD (Customer Due Diligence) – this is a KYC process of doing background checks on your customer to assess the risk they pose before dealing with them. This process gives you a holistic look at how the customer operates.
EDD (Enhanced due diligence): this is a KYC process that provides a greater level of scrutiny of potential business partnerships and highlights risk that cannot be detected by customer due diligence. EDD goes beyond CDD and looks to establish a higher level of identity assurance by obtaining the customer’s identity and address, and evaluating the risk category of the customer. EDD is specifically designed for dealing with high-risk or high-net worth customers and large transactions. Because these customers and transactions pose greater risks to the financial sector, they are heavily regulated and monitored in order to ensure that everything is on the up and up.
Enforcio Platform
Manage your business risks with our end-to-end KYC and due diligence solution Enforcio that focuses on automating the operational aspect of compliance and due diligence, both from and on-boarding perspective as well as the ongoing compliance.
What is usually done manually by teams of staff in order to constantly ensure that all is in place is done by Enforced in real time: