Customer Due Diligence (CDD)- ADGM Quick Guide for DNFBPs
Customer Due Diligence (CDD) - ADGM Quick Guide for DNFBPs
Customer Due Diligence (CDD) – ADGM Quick Guide for DNFBPs clarifies the types of CDD process –Customer Due Diligence, Simplified Due Diligence and Enhanced Due Diligence.
It explains when the Customer Due Diligence must be conducted by providing certain examples.
It also gives insight into different steps of Customer Due Diligence
- Identify and verify customer
- Identify and verify the beneficial owner
- Understanding the nature of the relationship
- Ongoing CDD
It also gives detailed insight into the criteria for both Simplified Customer Due Diligence and Enhanced Customer Due Diligence when they are conducted, respectively and what they entail.
Further, the significance of ongoing customer due diligence has also been discussed
Examples of circumstances that require ongoing Customer Due Diligence
- Change in customer’s beneficial owner
- Whenever there’s an unusual transaction
- A material change in the business relationship and/or nature or ownership of your customer
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