Enhanced Due Diligence (EDD) is a risk managementRisk Management involves the strategies and practices used to identify, access and control risks with the aim of minimising potential negative impacts on an organisation’s objectives. More process characterised by greater scrutiny when assessing the customers’ backgrounds, particularly in the context of anti-money laundering (AML) The process of preventing, detecting, and reporting money laundering, which is the illegal process of making money with criminal origins seem like it was obtained legitimately. More and Know-your-customer (KYCKYC stands for “Know Your Customer”. In banking, it is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure... More) regulations. In most cases, it involves collecting more detailed information and conducting additional checks to mitigate potential risks. In general, the EDD shall be carried out on high-risk customers.
