Customer Due Diligence (CDD) & Enhanced Due Diligence (EDD)

Key Challenges

  • Authenticating ID & Address proof and other documents submitted by potential customers to ensure that identity thefts and forgeries are detected at an early stage.
  • Ensuring that all the pertinent customer information and documents have been collected & digitally stored as per the types of customers and risk categories they belong to.
  • Beyond the basic customer due diligence, being able to carry out regulatory process driven additional & enhanced due diligence as customers transition into higher risk categories.
  • Keeping historical records of all the due diligence activities performed on each of the customer for regulatory scrutiny in the future.
  • Process, questionnaire and checklist driven identification of sources of funds, ultimate beneficial owners and making host of other discoveries under enhanced due diligence process.

Get a FREE Guide to help you navigate through regulatory guidelines on Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) processes to be followed.

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KYCsphere Solution

With the complexities involved in identifying customers, conducting Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD), across different types of customers & jurisdictions that they belong to and the types of business relationships that they want to establish with your institution, it would be a gross mistake if you were to rely on just your employee discretion to capture customer due diligence information. Largest of institutions have failed to do requisite enhanced due diligence while dealing with high risk customers and multi-country corporate vehicles, leading to subsequent fines & penalties. Without an automated regulatory process driven due diligence, it is almost impossible to capture all the necessary customer attributes & questionnaires & checklists based information, essential for serious due diligence on your customers.

KYCsphere's Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) tool hides all the complexity behind the simple user interface for only the required customer data to be captured and relevant questions to be asked while dealing with a variety of customer profiles across different lines of businesses and jurisdictions. Beyond capturing of customer data & information, the tool automatically triggers the verification process of submitted documents along with several CDD analysis steps to build a comprehensive customer profile. This disciplined due diligence process is especially useful while identifying all the associated individuals of complex corporate vehicles & legal entities, including their major shareholders, board members, senior management, signatories, partners, key customers and ultimate beneficial owners. A comprehensive customer profile thus generated allows accurate risk rating of the relationship and keeps your institution prepared to withstand regulatory scrutiny at any time in the future.

This feature-rich tool can give your institution market agility and regulatory flexibility without any capital expenditure and with the least of IT intervention.

See KYCsphere Customer Due Diligence tool in action.

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Key Benefits

  • Generating of a checklist of necessary documents to be collected as per jurisdiction, line of business and customer's risk rating specific ID, address proof and other documentation as recommended by the regulator. Handle the process of documents collection, their image retention and revalidation on expiry, effortlessly with the tool.
  • Conducting periodic due diligence assessments as per the regulatory process recommended best practices, review findings and recording associated risks.
  • Building a repository of all the due diligence information collected, including additional documents, customer interview proceedings, relationship manager feedback, due diligence processes followed, its findings & conclusions.
  • Identifying newer business development opportunities based on extensive due diligence based 360° view of the existing customer relationship.

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