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What is Money Laundering ? - Topic 4 :Customer Due Dilligence

Customer Due Dilligence

 

What is CDD ?

Certain Customer relashionship pose a righ risk to Financial institutions for money laundering and terrorist financing. One of the cornerstone Policy and the procédure requierements is the adoption of a CDD program.

CDD policies and procédures enable institutions to better predict the types of transactions in which the Customer is likely to engage, thus identiying customers that may pose a righ risk for suspicious transactions.

Through better verification of Customer’s identity and ongoing due diligence of Customer data, CDD helps Financial institution prevent and detect money laundering and terrorist financing. CDD policies and procédure aid Financial intitution in :
- detection and reporting suspicious transactions that may increase the Financial institution’s risk of Financial loss, expences and réputational risk,
- avoiding criminal exposure by customers who use the Financial institution’s products and services for illicit purposes.
- Adhering to safe and sound practices.