The importance of KYC and CDD

Effective KYC or CDD doesn’t simply mean taking a copy of a passport to prove identity. CDD checks include analysing the customer lifecycle from onboarding through to recognising key changes over time and undertaking regular reviews.

Understanding your customer makes great business sense as you respond to their needs, but it is also a hugely effective tool in anti money laundering, to prevent terrorist financiers and other criminals from exploiting your organisation and the wider financial system.