Enhanced Due Diligence

Enhanced due diligence is an essential aspect of AML compliance for businesses that handle transactions of high value and/or customers who are susceptible to money laundering and other financial crimes. It’s used to weed out those who are most at risk and prevent them from donating to terrorist organizations and other criminal organizations.

The EDD process is more comprehensive than regular due diligence and involves more checks. This includes obtaining more identification documents as well as performing thorough checks on the client’s location and source of funds. Due diligence is typically applied to high-risk clients, for instance, politically-exposed individuals (PEPs) and those from high-risk countries, and companies or individuals who depend heavily on cash.

The more complex a person, legal entity or transaction, the more comprehensive the EDD procedure should be. Regulators generally favor a risk-based method that makes use of documented risk assessment policies to assess the level of scrutiny needed trends of virtual data room solutions for each individual situation. The EDD procedure also requires more complete information, which includes information about the person’s customers suppliers, corporate/legal structures and clients. EDD procedures are more costly and time-consuming. They also require more detailed documentation than CDD procedures. It is crucial to have an identity verification system that is both effective and efficient such as 1Kosmos’ BlockID, to make the process simpler for your company.

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