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What is Enhanced Due Diligence (EDD)?

Where the client risk assessment identifies one or a number of high risk factors, enhanced due diligence may be appropriate for the increased risk.<br/><br/>

Additional measures to mitigate the risk might include:<br/><br/>

Further source of wealth / source of funds information obtained from customer questions or documentation;<br/><br/>

Additional adverse media checks;<br/><br/>

Using or requesting additional documents, data or information to establish identity;<br/><br/>

Acquiring senior management / <a href="/glossarycollection/money-laundering-reporting-officer" style="color:#48277C;" target="_blank" title="Money Laundering Reporting Officer"><u>MLRO</u></a> approval to register the customer;<br/><br/>

Requirement that any transactions carried out by a high risk customer are referred to the MLRO for review;<br/><br/>

Regular updating of <a href="/glossarycollection/know-your-customer" style="color:#48277C;" target="_blank" title="Know Your Customer"><u>KYC</u></a>/KYB checks including analysis of customer activity against profile.

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