When should an Enhanced Due Diligence (EDD) be applied?
The Enhanced Due Diligence (EDD) should be applied when:
- a Client Due Diligence (CDD) inquiry leads to higher risk of money laundering or terrorist financing, and in particular if a client has not been physically present for identification purposes.
- you enter into a business relationship with a Politically Exposed Person (PEP).
- you enter into a transaction with a person from a high risk third country identified by the EU.
- there is any other situation where there’s a higher risk of money laundering.
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