Customer due diligence (CDD)

What is CDD?

The component parts of CDD are:

1. •

   identifying any customer, unless the identity of that customer is already known to you and has been verified by you

2. •

   verifying that identity unless the customer's identity has already been verified by you, and

3. •

   assessing, and where appropriate obtaining information on, the purpose and intended nature of the business relationship or occasional transaction

See further Practice Note: Money Laundering Regulations 2017—customer due diligence.

When is CDD required?

You must apply CDD measures when you:

1. •

   establish a business relationship

2. •

   carry out an occasional transaction:

   1. ◦

      that...