Customer due diligence (CDD) is a process that collects relevant information about a customer and evaluates the information to determine the risk of money laundering, terrorist financing and other criminal activities to the financial institutions (FIs) and organizations.
Customer identification procedures are a set of processes and controls which are used to identify and authorize a customer
The Know your Customer or Know your Client guidelines require financial firms to verify and identify the customer’s identity, their financial activities and the risk they pose based on the client’s background.
The five major elements of an AML/CFT Program are:…
AML/CFT-training and audit is an essential component to raising awareness among an organization’s staff, concerning money laundering and terrorist financing risks, and to observing methods potentially related to money laundering or terrorist financing in the financial industry
Data Governance refers to the overall data management that will enable a financial institution to maintain a high quality of data