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Every year around $2tn in illicit cash flows into the global financial system, despite the efforts of regulators and financial institutions to stop the laundering of money and financing terrorists. To combat dirty money, enhanced due diligence (EDD) is a procedure that involves an extensive Know Your Customer (KYC) which digs deep into customers as well as transactions that carry higher risk of fraud.\n<\/p>\n

EDD is regarded as having a higher screening level than CDD and can contain more information requests, including sources and corporate appointments, funds, and affiliations with individuals or companies. It can also involve more extensive background checks, like media searches to discover any publically available or reputational evidence of misconduct or criminal activities that could pose an enigma to the bank’s business.\n<\/p>\n

The regulatory bodies establish guidelines on when EDD should be triggered, and this is usually dependent on the nature of the customer or transaction and also whether the person in question is a politically exposed individual (PEP). However, it’s ultimately up to each FI to make a personal decision about what triggers EDD in addition to CDD.\n<\/p>\n

It is important to establish policies that clearly explain to employees what EDD expects and what it will not. This will help to avoid high-risk scenarios that can result in substantial fines for fraud. It is crucial to have a process for identity verification in place that will allow you to identify red flags such as hidden IP addresses, spoofing techniques and fictitious identifiers.<\/p>\n","protected":false},"excerpt":{"rendered":"

check these guys out https:\/\/warpseq.com\/board-software-pricing-breakdown-detailed-review-of-the-cost\/ Every year around $2tn in illicit cash flows into the global financial system, despite the efforts of regulators and financial institutions to stop the laundering of money and financing terrorists. To combat dirty money, enhanced due diligence (EDD) is a procedure that involves an extensive Know Your Customer (KYC) which …<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[106],"tags":[],"class_list":["post-20181","post","type-post","status-publish","format-standard","hentry","category-unkategorisiert"],"_links":{"self":[{"href":"https:\/\/www.schillinger-berlin.de\/wp-json\/wp\/v2\/posts\/20181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.schillinger-berlin.de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.schillinger-berlin.de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.schillinger-berlin.de\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.schillinger-berlin.de\/wp-json\/wp\/v2\/comments?post=20181"}],"version-history":[{"count":1,"href":"https:\/\/www.schillinger-berlin.de\/wp-json\/wp\/v2\/posts\/20181\/revisions"}],"predecessor-version":[{"id":20182,"href":"https:\/\/www.schillinger-berlin.de\/wp-json\/wp\/v2\/posts\/20181\/revisions\/20182"}],"wp:attachment":[{"href":"https:\/\/www.schillinger-berlin.de\/wp-json\/wp\/v2\/media?parent=20181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.schillinger-berlin.de\/wp-json\/wp\/v2\/categories?post=20181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.schillinger-berlin.de\/wp-json\/wp\/v2\/tags?post=20181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}