Initial customer due diligence (CDD) for individuals

CDD, easy as 1, 2, 3

As AML requirements continue to evolve, it’s important to know what your obligations are and have the right tools in place to meet them with confidence. APLYiD takes the stress out of AML, from initial onboarding, right through to record keeping and monitoring.

One of the most crucial steps to AML compliance is nailing your initial customer due diligence (CDD) at the onboarding stage. CDD ensures that firms know their client and understand the context of engagement before providing services. It’s vital for protecting your business from reputational damage, regulatory penalties and the operational risks of inadvertently enabling financial crimes.

Before you provide a service, it’s important to conduct an initial CDD check to establish the identity of your customer, ensure there are no barriers to providing a service to them and to assess the money laundering (ML) and terrorism financing (TF) risks. Businesses are expected to do this by:

• Collecting and verifying appropriate information and photo IDs.
• Identifying your customer’s ML/TF risk.
• Applying enhanced CDD for certain customers, like politically exposed persons (PEPs) and other high-risk customers.
• Ensure you conduct ongoing CDD by continually monitoring your customers to identify, assess, manage and mitigate their risk over time — especially PEPs and high-risk customers.

Our platform takes the manual labour out of CDD, reducing risk of human error, saving your business time and ensuring fast and consistent onboarding for the customer.

Our platform manages CDD and relevant biometric checks in three easy steps:

1. Send your customer a custom-branded onboarding link via SMS.
2. Your customer will be prompted to take a photo of their ID and a selfie to submit for verification.
3. Once submitted, automatic verification checks will have results back in under 30 seconds.

No delays, no human error. Just smooth, fast onboarding that will wow your clients. Plus, you can set risk ratings and alerts for high risk customers, and all your records will be stored safe and securely in the cloud — ready for audit. It takes the guesswork out of AML compliance.

Some of the reasons people choose APLYiD include:

→ Customise and automate key steps in your workflows and forms.

→ Keep your staff consistent and reduce human error with guided workflows that require minimal training.

→ Use pre-populated dynamic forms and flows to ensure you get the right documents by sector, country and client.

→ Assign risk ratings and set alerts so you can monitor politically exposed persons (PEPs) and other high risk clients.

→ See everything on one super-clear dashboard and monitor ongoing due diligence with ease.

We know your primary goals are to keep your business protected and your processes consistent and compliant, all while ensuring your AML obligations don’t eat into the jobs you’ve actually hired your staff to do. We stay on the pulse of AML regulations and ensure our platform delivers airtight and guided AML compliance, so your business can be confident in our platform and get back to the work that really matters.

Protect your reputation and onboard with confidence with APLYiD. Schedule a demo with us to explore our platform, or go straight into a free 14-day, no obligations trial today.