Blogs
What Is Customer Due Diligence? Guide to the CDD Rule & Process
Customer Due Diligence (CDD) is a process used by banks and financial institutions to collect and evaluate information about a customer or potential customer to identify and mitigate risks like money laundering and terrorist financing. It involves verifyin
What is Enhanced Due Diligence (EDD) for High Risk Customers?
To enhance due diligence (EDD) for high-risk customers, financial institutions must go beyond standard checks to gain a comprehensive understanding of the client. This includes verifying additional identifying information from various sources, establishing
Guide to Know Your Business (KYB): Compliance Requirements
Know Your Business (KYB) is a rigorous, multi-layered process used by banks and financial institutions to verify the identity and legitimacy of business entities before forming professional relationships. It is an essential protective measure that involves
Enhanced Due Diligence Checklist: A Complete Guide for Financial Institutions
As financial institutions face increasing scrutiny from regulators and growing threats of financial crime,Enhanced Due Diligence (EDD)has become an essential component of compliance and risk management. A clearly defined EDD checklist empowers institutions
How To Get A Money Transmitter License (MTL) in the U.S.
To get a Money Transmitter License (MTL), businesses must undergo a rigorous application process that involves dual compliance with federal (like FinCEN's AML/KYC protocols) and varying state-level regulations. Key requirements across states include demons
