What is Customer Due Diligence?
Customer Due Diligence (CDD), is the process where relevant information about the customer is collected from documents, data, or information obtained from reliable and independent sources, in order to verify identities. This is then evaluated for any potential risk for the organisation including any money laundering/terrorist financing activities.
The Company Compliance screen will help you in complying with the Anti-Money Laundering (AML)/Countering Financing of Terrorism (CFT) and Client Due Diligence (CDD) requirements for your Company.
Navigation
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From the Main Toolbar, go to Company |
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Select the Company from the list |
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Select Compliance |
If Compliance & Due Diligence is expected but not immediately required, toggle OFF Compliance & Due Diligence Required?
Enter the Next Review Date and any Notes as a reviewer.
Once you are ready to proceed, toggle ON Compliance & Due Diligence Required? This will open further steps (see below)
Clickand
to navigate through the sections.
You can always save your progress by clicking
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. If the contact has not been previously saved to the database, select |
| Upload Supporting Documents | Upload any supporting documents appropriate for the CDD process for the entity. |
| Nature of Business Relationship |
Select from the range of options regarding your business relationship with the customer. Select Free Text to enter a relationship that is not listed in the range of options. If required, click |
The individuals section will list all Members and Officers of the entity.
Hover your cursor over the information icon . Users will be able to instantly see the individual's general details.
To edit any of these details, select
| Question: Compliance & Due Diligence Required? |
Toggle Toggle
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Select +Additional Contact to list additional individuals
The Ultimate Beneficial Owners section will list all Ultimate Beneficial Owners.
“Beneficial owner” in relation to a customer means:
- An individual who ultimately owns or controls (whether through direct or indirect ownership or control) more than 25% of the shares or voting rights of the customer; or;
- Otherwise exercises control over the management of the customer.
Hover your cursor over the information icon . Users will be able to instantly see the individual's general details.
To edit any of these details, select
| Question: Compliance & Due Diligence Required? |
Toggle Toggle
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Provide information on the nature of beneficial ownership (e.g. more than 25% of ownership of the company) or person having executive authority |
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| Information on ownership and control structure of, or over the customer/client. | |
Select +Additional Contact to list additional Ultimate Beneficial Owners.
The Business Entities section will list all shareholders that are companies.
Hover your cursor over the information icon . Users will be able to instantly see the entity's general details.
To edit any of these details, select
| Question: Compliance & Due Diligence Required? |
Toggle Toggle
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Select +Additional Contact to list additional companies and/or other entities.
| Select Risk Option |
Select from a range of different Risk Factors. Click Once a Risk factor has been selected, CAS 360 will make available a free text section for you to be able to add any further information. Any supporting documents can also be attached to a risk option Note: Both text box and Supporting documents are not mandatory fields. |
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Question: Having reviewed the above risk areas, the overall risk rating for the client is. |
Rate the client risk level |
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Level of CDD Required |
Simplified customer due diligence This can be applied when a risk assessment has the client has a tolerable risk rating. 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 rating for the client is deemed to be intolerable. This will thus require extensive CDD over the client. An example of such an individual is if the person in question is a politically exposed person. Standard customer due diligence A Standard level of CDD can be applied when the risk rating for the client is not appropriate for either the Simplified or Enhanced levels of CDD. |
Additional findings arising throughout the course of the AML/CDD workflow can be recorded here.
To begin recording additional findings, click
CAS 360 will display the Add Note window.
Each note can have a title and the note content. CAS 360 will also display a time stamp to show when the note was last modified.
Notes can be deleted by selecting beside the note.
Click to add any additional notes.
Click to save the note.
| 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 |