Customer Due Diligence (CDD) involves verifying your clients' identities using reliable documentation such as passports, driving licences, and recent proof of address like utility bills or bank statements.
It also includes assessing the risk of money laundering associated with each client.
For higher-risk clients—such as politically exposed persons (PEPs) or individuals from high-risk countries—Enhanced Due Diligence (EDD) must be performed, which involves additional checks to establish the client's source of funds and wealth. This comprehensive process ensures your business does not unintentionally facilitate money laundering.
Private escrow accounts provide security, trust and transparency to ongoing or ad-hoc payment requirements.
Third-Party Managed Accounts (TPMA's) are a convenient way to manage complex, high-value or even routine payment operations.
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