Enhanced Due Diligence (EDD)

Enhanced Due Diligence (EDD) is a process that goes beyond the standard due diligence requirements to gather comprehensive and detailed information about a customer, entity, or transaction. It involves a deeper level of scrutiny and analysis to identify and assess potential risks, such as money laundering, terrorism financing, fraud, or other illicit activities. EDD typically involves gathering additional information about the customer’s background, source of funds, business relationships, and other relevant factors to better understand the risk profile and ensure compliance with regulatory obligations. This enhanced level of scrutiny allows businesses and organizations to make more informed decisions and implement appropriate risk management measures to mitigate potential risks.