Tag: customer due diligence

Customer Due Diligence (CDD) stands as a cornerstone in the ongoing battle against money laundering and terrorist financing. It compels regulated entities to collect and verify personal details—name, address, date of birth, and government-issued identification—from customers to authenticate their identities and assess potential financial crime risks.

Napier AI has responded to a consultation from HM Treasury, the UK government's economic and finance ministry, on enhancing the effectiveness of the Money...

Know Your Business (KYB) is a crucial process for verifying business entities during the onboarding phase, aimed at understanding risk factors, financial health, creditworthiness, and beneficial ownership.

KYC Portal CLM, Risk Orchestration, FinTech, compliance, customer trust, data security, regulatory standards, customer due diligence, identity verification, financial services, digital transformation, operational efficiency, customer lifecycle management, risk management, technological innovation,

In an era where digital transformation is paramount, asset managers are recognising the indispensable role of automating Anti-Money Laundering (AML) processes.

In the competitive landscape of banking, customer onboarding emerges as a pivotal phase, with customer due diligence standing at its core. When managed poorly, the onboarding process can deter potential clients, causing banks to miss out on new revenue streams. Conversely, hasty or inaccurate due diligence could lead to the acquisition of customers who pose commercial and reputational risks, potentially incurring hefty regulatory fines.

In an industry-wide call to action, several prominent associations have voiced their concerns over the potential consequences of the current draft text of Recital 34 in the Anti-Money Laundering (AML) Regulation.

OneID, the UK's leading digital identity service, has reached a new milestone in the field of Identity Verification for Know Your Customer (KYC) and Anti-Money Laundering (AML).

In a recent post by Alessa, the firm outlined the role of AML audits in enhancing regulatory compliance at companies. 

Electronic IDentification, which offers KYC and AML software, has released a report exploring the role of CDD in banking.