Customer-related risk assessment is highly important to any organization. That’s why companies process information from each prospective customer to maintain the needed level of organizational supervision.
Proper customer due diligence (CDD) is what institutionalizes this process. Proper CDD utilizing makes companies aware of the smallest risk and helps identify the highest risks, including fraud.
CDD is a legal requirement for businesses in the US and many other countries with EDD (Enhanced Due Diligence) required for dealing with clients from the KYC high-risk category. [Read more…] about Customer Due Diligence: Why and How?
