Customer Due Diligence (CDD)

The "Customer Due Diligence" document by NETBankAudit provides financial institutions with a framework for meeting regulatory requirements related to customer identification and risk assessment. It covers the key components of a robust due diligence program, including customer identification procedures, beneficial ownership verification, and ongoing monitoring of account activity. The guide emphasizes the importance of tailoring risk-based approaches to detect suspicious activity and ensure compliance with anti-money laundering (AML) and Bank Secrecy Act (BSA) regulations. These practices help institutions mitigate risks and maintain trust within their customer base.