Enhanced Due Diligence definition

Enhanced Due Diligence or “EDD” means diligence in addition to CDD and may be carried out in case of existing customers or intending customers generating suspicion for the office of issue;

Enhanced Due Diligence means a Reporting Financial Institution must seek answers from the Declaring Person, including but not limited to the following questions:

Enhanced Due Diligence means customer due diligence that should be conducted by a money transfer business where the money laundering/financing of terrorism risks are assessed as higher risk;

Examples of Enhanced Due Diligence in a sentence

• This involves checking bidders and key personnel against Global Watch Lists, Enhanced Due Diligence Lists and Politically Exposed Persons Lists.

• The Company shall conduct Enhanced Due Diligence in connection with all customers or accounts that are determined to pose a potential high risk and are determined to warrant enhanced scrutiny.

• Enhanced Due Diligence shall be coordinated and performed by the Company, who may engage appropriate outside investigative services or consult appropriate vendor sold databases when necessary.

• The Company will perform appropriate, specific and where necessary, Enhanced Due Diligence on its customers that is reasonably designed to know and verify the true identity of its customers and to detect and report instances of criminal activity, including money laundering or terrorist financing.

• Each business process shall establish procedures to decline to do business with or discontinue relationships with any customer when the Company cannot adequately complete necessary Enhanced Due Diligence or when the information received is deemed to have a significant adverse impact on reputational risk.

More Definitions of Enhanced Due Diligence

Enhanced Due Diligence means in situations that are high risk, taking additional measures to identify and verify the customer’s identity and source of funds and doing additional ongoing monitoring. You must do this when:

Enhanced Due Diligence or “EDD” means taking additional CDD and may include the information set out in section 21(2).

Enhanced Due Diligence means a due diligence process that involves a greater level of scrutiny that commensurate with underlying risks associated with customers, products, transaction channels and geographic elements. EDD shall be in addition to Customer due diligence (CDD) measures and may include but not be limited to one or more measures as follows:

Enhanced Due Diligence. (EDD) means doing more than the conventional simplified due diligence or the basic CDD measures mentioned above and includes, amongst others, taking measures as prescribed by the Centre to identify, as far as reasonably possible, the source of wealth, funds and any other assets of the client or beneficial owners whose activities may pose a risk of ML, TF or PF;

Enhanced Due Diligence or “EDD” means taking additional CDD measures and may include the measures set out in sub-regulation (17) of regulation 4;

Enhanced Due Diligence means where Vowpay takes additional measures proportionate to higher risk situations, which can include, gathering information to understand the customer risk, beneficial ownership, source of funds, source of wealth, purpose and intended nature of the relationship.

Enhanced Due Diligence means processes and procedures for identifying, and measuring material risks related to credit exposures above the Red Line.