What is the need to perform cdd

Question

Accepted Answer

Performing CDD is necessary to identify and verify the identity of customers and assess the risks associated with them.

CDD helps in preventing money laundering, terrorist financing, and other financial crimes.
It ensures compliance with regulatory requirements and helps in maintaining the reputation of the organization.
CDD helps in identifying high-risk customers and taking appropriate measures to mitigate the risks.
Examples of CDD measures include verifying customer identity, obtaining information on the purpose and nature of the business relationship, and monitoring transactions.
CDD is an ongoing process and should be performed periodically to ensure that customer information is up-to-date and accurate.

Accepted Answer

Will Do periodic review by using source of documents

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