EDD refers to a more rigorous version of CDD. It is applied when a customer is deemed to present a higher risk due to factors such as their geographic location, type of business, or large transactions. EDD involves deeper investigations, including ongoing monitoring of the relationship.
For Kang Fintech Solutions API users, it offers:
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Automated identification of customers who require EDD.
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Seamless access to external data sources for thorough investigation.
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Ensures that financial institutions meet COBAC’s enhanced requirements for high-risk customers.
Importance for Clients:
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Strengthens the ability to detect suspicious or high-risk activity.
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Minimises exposure to risks related to money laundering or terrorism financing.
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Keeps institutions in line with COBAC regulations for high-risk customers.
