What is Customer Due Diligence & How to Conduct It Properly
Customer due diligence (CDD) is the process of verifying that a customer or client is who they say they are, and that their business is legitimate. This process typically includes checking identification documents, running background checks, and verifying references. CDD helps businesses to avoid fraudsters and money laundering schemes, and is an essential part of KYC (Know Your Customer) compliance. What is customer due diligence? Customer due diligence services is the process of identifying and verifying the identity of your customers. It’s an important part of know-your-customer (KYC) compliance, which financial institutions are required to do to prevent money laundering…