Customer Due Diligence

    Glossary

    Customer Due Diligence

    Customer Due Diligence (CDD) is the UK regulated-firm process of identifying a client, verifying their identity using reliable independent sources, identifying the beneficial owner, and understanding the nature and purpose of the business relationship.

    CDD is required by the Money Laundering Regulations 2017 before establishing a business relationship or carrying out an occasional transaction over the relevant threshold. The depth of CDD scales with risk — Simplified Due Diligence (SDD) for low-risk clients, full CDD for standard risk, Enhanced Due Diligence (EDD) for high-risk clients including PEPs and high-risk jurisdictions. Records must be kept for at least 5 years after the relationship ends.

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