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.
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.
Clickand to navigate through the sections.
You can always save your progress by clicking:
1. CDD Required
To begin, confirm whether Compliance & Due Diligence is required
Toggling to the question Compliance & Due Diligence Required? will open further steps.
The date you will be starting the CDD process for the entity
The date you completed the CDD process for the entity
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
Select from a range of options the business relationship between you and the entity. If required, click to select multiple relationship options
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.
The individuals section will list all Members and Officers of the entity.
Question: Compliance & Due Diligence Required?
Toggle 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 from a range of different Risk Options. Click to 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
Select, from a list of your CAS 360 users, the user completing this CDD process