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CDD Checklist

Comprehensive checklist for customer due diligence procedures

A comprehensive checklist to ensure thorough customer due diligence procedures are followed for all clients.

1. Client Identification

  • Collect full legal name
  • Obtain date of birth
  • Record residential address
  • Gather contact information (phone, email)
  • Collect identification number (ID, passport, etc.)

2. Verification of Identity

  • Verify identity documents (check authenticity)
  • Cross-check information with independent sources
  • Conduct online verification (if applicable)
  • Perform biometric verification (if required)

3. Determine Nature of Business Relationship

  • Understand purpose and intended nature of the business relationship
  • Gather information on occupation or business activities
  • Determine expected transaction patterns

4. Beneficial Ownership

  • Identify all beneficial owners (for entities)
  • Verify identities of beneficial owners
  • Understand ownership and control structure

5. Risk Assessment

  • Assess client risk profile
  • Consider geographical risk factors
  • Evaluate product/service risks
  • Assess delivery channel risks

6. Enhanced Due Diligence (if applicable)

  • Conduct additional verification for high-risk clients
  • Obtain senior management approval
  • Determine source of funds/wealth

7. Ongoing Monitoring

  • Set up transaction monitoring system
  • Establish process for periodic client reviews
  • Implement procedure for updating client information

8. Record Keeping

  • Maintain records of all CDD measures taken
  • Keep records of transactions
  • Ensure records are easily retrievable

9. Training and Compliance

  • Train staff on CDD procedures
  • Establish clear escalation procedures
  • Conduct regular audits of CDD processes