What is Customer Due Diligence (CDD)?
CDD is the process of identifying a customer and verifying that identity from independent and reliable sources, identifying any beneficial owner, understanding the nature and purpose of the business relationship, and conducting ongoing monitoring. It is a foundational obligation for all reporting entities under FATF Recommendation 10 and is implemented domestically by AUSTRAC (AU), FinCEN (US), the EU AMLD framework, and the FCA / HMT (UK).