Customer Due Diligence (CDD) is commonly known as the fifth pillar of Bank Secrecy Act (BSA) compliance. Your CDD program should be risk-focused, and periodic risk enhanced due diligence (EDD) reviews should be conducted for higher risk customers and entities. CDD can seem overwhelming for institutions with a limited budget. However, regulatory guidance is improving and should be used to help evade CDD findings.This whitepaper
outlines four key strategies for financial institutions to leverage to enhance their CDD program prior to upcoming exams. Download this whitepaper to learn:
- How to assess higher-risk customers
- How to map and analyze processes to identify opportunities for efficiency gain
- How to address gaps within the current processes and enhance procedures
Download the attached CDD/EDD checklist for additional guidance on a strong CDD program.