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This guide explores the meaning of CDD, the importance of CDD, CDD methods and how financial institutions can build an effective CDD programme.
Customer Due Diligence (CDD) for Banks and Fintech Companies
Banks and fintech companies must conduct customer due diligence (CDD) to collect and evaluate relevant information about a customer or potential customer. CDD helps businesses protect themselves from fraud, money laundering, and other illegal activities. By knowing their customers and analysing information about them obtained from a variety of sources, businesses can avoid doing any business with high-risk individuals or groups. CDD programmes are necessary for financial institutions to mitigate risk and CDD checks will help prevent them from doing business with risky customers.
What you will learn from this guide:
- The meaning of CDD
- The importance of CDD
- CDD methods
- How financial institutions can build an effective CDD programme
- How technology can enhance CDD process
