AML/CFT and CDD Requirements

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What is Customer Due Diligence?

Customer Due Diligence or CDD, is the process where relevant information about the customer is collected and evaluated for any potential risk for the organisation or money laundering/terrorist financing activities.

The Company Compliance screen will help you in complying with the Anti-Money Laundering/Countering Financing of Terrorism and Client Due Diligence (CDD) requirements for your Company.

From the Main Toolbar, go to Company.

Select the Company from the list.

Select Compliance Screen_Shot_2020-11-17_at_3.47.09_pm.png

As you progress through the CDD Process, CAS 360 will keep you posted on sections that are still required to the completed. Completed areas are highlighted in Green whilst incomplete sections are Greyed.

Screen_Shot_2020-11-17_at_4.16.26_pm.png

ClickScreen_Shot_2020-11-17_at_4.22.55_pm.pngand Screen_Shot_2020-11-17_at_4.22.36_pm.png to navigate through the sections.

You can always save your progress by clicking: Screen_Shot_2020-11-17_at_4.22.44_pm.png

Steps

1. CDD Required

To begin, confirm whether Compliance & Due Diligence is required

Toggling Screen_Shot_2020-11-17_at_3.48.43_pm.png  to the question Compliance & Due Diligence Required? will open further steps.

Start Date The date you will be starting the CDD process for the entity
Completed Date The date you completed the CDD process for the entity 
Compliance Officer

Begin typing the Compliance Officer name. CAS 360 will begin searching the Global Contact screen for the person. If the Contact has not been previously added to the Global Contact screen, will appear.

Click  to add a new contact.

Upload Supporting Documents Upload any supporting documents appropriate for the CDD process for the entity

2. Nature of Business Relationship

Nature of Business Relationship Select from a range of options the business relationship between you and the entity. If required, click Screen_Shot_2020-11-17_at_4.02.00_pm.png to select multiple relationship options
Level of CDD Required

Standard customer due diligence

This involves identifying the customer, and ensuring it is based on a reliable independent source. The purpose and intended nature of the business relationship or transaction must be assessed and further information obtained where appropriate.

Simplified customer due diligence

This can be applied when a risk assessment has shown a negligible or low risk of money laundering. The only requirement is to identify the customer and there is no need to verify the customer’s identity.

Enhanced customer due diligence

Enhanced CDD must be applied when the risk of money laundering is high, such as if the person in question is a politically exposed person.

3. Individuals

The individuals section will list all Members and Officers of the entity.

Question: Compliance & Due Diligence Required?  Toggle Screen_Shot_2020-11-17_at_3.48.43_pm.png if Compliance and Due Diligence is believed to be required for the indivdual. This will then allow you to upload supporting documentation for the individual.

4. Risk Assessment

Select Risk Option Select from a range of different Risk Options. Click Screen_Shot_2020-11-17_at_4.12.38_pm.pngto add multiple risk options.

Question: Having reviewed the above risk areas, the overall risk rating for the client is

Rate the entity risk level

5. Risk Review

Completed By Select, from a list of your CAS 360 users, the user completing this CDD process
Date Completed Date the CDD process has been completed
Next Review Required Date the next CDD process will be required

 

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