What are different types of Customer Due Diligence (CDD) | How to perform Customer Due Diligence

In this video, We have covered basic definition of 3 different Customer Due Diligence i.e. Standard Customer Due Diligence, Simplified Due Diligence, and enhanced due diligence. We have also covered data-field to be captured during customer due diligence process, documentary evidence, non-documentary evidence and customer risk factors for Enhanced due diligence. Majority of the banks across different jurisdictions follow three types of customer due diligence: 1) Simplified Due Diligence - It is performed mainly on entities which are listed on approved stock exchanges, regulated by other regulator in equivalent jurisdiction, government owned entities etc. Normally, we don't review the whole customer profile and may not required to identify Beneficial ownership. 2) Standard Due Diligence - This type of customer due diligence is performed on all the customer types. 3) Enhance Due Diligence - This type of customer due diligence is performed on high risk customer. This would include looking into additional attributes such as beneficial ownership upto 10%, Source of fund and source of wealth, performing adverse press check on all the associated parties etc. Link :    / @amltraining   https://www.amltrainingzone.com/