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AML CDD profile categorization

Updated on June 11, 2021

Organizations move their customers through onboarding, maintenance, review, and offboarding journeys, during which it is crucial that customers consistently understand all parties involved. Complex customer organizations can have many related parties. The due diligence requirements of the parties are based on many factors, such as type, risk model output, and screening results.

To provide an efficient process, the organization’s systems must identify each customer party, make ongoing assessments, and ensure that the required level of due diligence activities is carried out. Any business rules that drive the identification and assessment processes must be configurable.

The system categorizes every party as either a contracting or a related party. Specific logic is then applied to determine an Anti-Money Laundering (AML) Customer Due Diligence (CDD) profile across Exempt, Simplified, Full, or Enhanced levels of due diligence.

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