Regulated businesses that fall under the scope of the Money Laundering Regulations (MLRs) must undertake customer due diligence (CDD) as part of their compliance obligations.
CDD involves putting in place various processes and undertaking necessary checks to ensure your customers are who they say they are.
This intelligence forms part of a risk assessment into that customer to verify their identity, determine their potential exposure to money laundering and financial crime, and put in place an appropriate response.
CDD Compliance Service
CDD checks are a crucial part of the continuous Know Your Customer (KYC) process that happens during a customer or client relationship.
Any business that interacts with customers and is covered by KYC and anti-money laundering (AML) regulations must undertake CDD. This includes:
- Banks.
- Solicitors.
- Money service businesses.
- High-value dealers.
- Trust or company service providers.
- Accountancy service providers.
- Estate agencies.
- Bill payment service providers.
- Telecommunications, digital and IT payment service providers.
- Art market participants.
- Letting agency businesses.
CDD is usually undertaken when starting a business relationship and involves various checks on an individual by verifying their:
- Name.
- Address.
- Date of birth.
- Photo ID.
For companies, basic CDD checks include on its structure and information about its beneficial owners.
Outsourced Due Diligence Service
CDD can be onerous, particularly for small businesses or those considered as a high risk of being used as vehicles for financial crime.
However, regulated businesses can outsource their responsibility for due diligence to specialist external CDD providers.
At the Regulation and Compliance Office (RACO), our experienced compliance experts provide a comprehensive CDD service tailored to your needs.
Outsourcing CDD responsibilities to our specialist compliance experts in London has numerous benefits:
CDD Provider London
At RACO, our experienced compliance officers and managers provide a specialist CDD service for regulated businesses.
- Comprehensive Due Diligence. We collect, verify, and assess all necessary documents, including KYC and AML checks.
- Risk Assessment Support. We prepare the Risk Assessment for compliance officers and staff to review and approve.
- Seamless Integration. We work with your firm’s existing AML processes, ensuring compliance without disruption.
- Cost-Neutral Approach. Our service fees can be passed on to clients as part of your service or administration fees.
Our CDD service for regulated businesses includes:
- Collection of KYC documents.
- Access to your Electronic AML Provider for requesting AML checks.
- Companies House checks for Ultimate Beneficial Owners (UBOs).
- Ongoing monitoring and Enhanced Due Diligence (EDD) where needed.
- Transaction risk assessments and detailed reports for staff and compliance officers.
For more information and costings, click here to download our Due Diligence and Risk Assessment Brochure.
Compliance Services for Businesses London
If your business falls under the Money Laundering Regulations (MLRs), you must meet certain compliance obligations, including undertaking customer due diligence.
At the Regulation & Compliance Office (RACO),we help accountants, solicitors, estate agents and other regulated businesses fulfil their CDD responsibilities.
We provide regulated businesses with a seamless, outsourced solution for client due diligence and risk assessments.
Our Due Diligence and Risk Assessment Compliance Service has been designed to enable businesses covered by the AML regulations to focus on the provision of its services while we collate the necessary documentation for CDD and Enhanced Due Diligence (where needed).
We also complete the relevant risk assessments that must be completed on all transactions or client matters in scope of the Money Laundering Regulations 2017.
RACO offers a full range of services focused on ensuring businesses across all regulated sectors create, maintain and evidence their compliance with the requirements of their regulators and legislation.
We work with businesses of all sizes, from the smaller high street or niche businesses to the large multi-office and multinationals.
For more information about our CDD service, or any other compliance services for regulated businesses, please call us on0203 985 8550, email info@regulationandcomplianceoffice.co.uk or complete an enquiry form.
