What is a CDD specialist?

What is a CDD specialist?

The Customer Due Diligence Specialist is responsible for performing background operational support duties in relation to the Bank’s Customer Identification Program/Anti-Money Laundering (AML) Customer Due Diligence Program, such as, but not limited to, initial Customer Due Diligence (CDD) screening, triaging of …

What does CDD mean in banking?

In early May, the U.S. Department of the Treasury announced the final publication of a rule which requires the financial industry to identify client companies’ “beneficial owners.” The rule, known as the Customer Due Diligence (CDD) rule, specifically requires that banks, brokers, and other financial institutions …

What is CDD in KYC process?

CUSTOMER DUE DILIGENCE / KYC TRAINING & QUALIFICATIONS KYC or Customer Due Diligence (CDD) collates information about your customers to assess the extent of any risk they pose to the firm. This doesn’t simply mean taking a copy of a passport to prove identity.

What is CDD in simple words?

In the world of Financial Crime Compliance (FCC), customer due diligence (CDD) is an important and complex field. Customer due diligence is the processes used by financial institutions to collect and evaluate relevant information about a customer or potential customer.

What is customer due diligence analyst?

A Customer Due Diligence (CDD) analyst investigates new and existing customers. If banks or insurers allow illegal flows of money through their organisation, they run a huge risk of prosecution by regulators or damage to their reputation should it leak to the media.

What is the difference between KYC and CDD?

KYC checks are therefore made at the early stage of establishing business relationships, when we screen potential customers, while Customer Due Diligence (CDD) is an ongoing monitoring of suspicious activities aimed at money laundering and both are a crucial part of an anti-money laundering (AML) program.

What is CDD in AML?

Customer Due Diligence — Overview. Objective. Assess the bank’s compliance with the regulatory requirements for customer due diligence (CDD).

What is the difference between KYC & CDD?

What is CCD in AML?

Customer Due Diligence is an ongoing control of suspicious activity aimed at laundering the proceeds of crime. Both are integral parts of AML programmes and require appropriate staff training to provide their effective implementation.

What is difference CDD and EDD?

The main difference between Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) is that Customer Due Diligence (CDD) remains a less strict customer verification process as it only requires id information, address and assesses the risk category of the customer.

What is difference between KYC and CDD?

Is KYC same as CDD?

What is EDD vs CDD?

Enhanced Due Diligence (EDD) is a risk-sensitive form of Customer Due Diligence (CDD). Enhanced Due Diligence (EDD) is applied to the higher-risk customers and requires more detailed information about the customer in addition to the basic Customer Due Diligence (CDD) requirements.

Is CDD the same as KYC?

What does AML analyst do?

Anti-Money Laundering analysts or officers investigate and monitor suspicious financial activities. Their role is essential as they ensure their company complies with AML regulations. Companies without Anti-Money Laundering Analysts are vulnerable to AML penalties.