Updated enhanced CDD guideline

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18 September 2020

The AML/CFT Supervisors have updated the enhanced customer due diligence (enhanced CDD) guideline. This clarifies when source of wealth or source of funds identification and verification must be carried out, as well as some other small wording changes. All the changes are listed in the version history at the end of the guideline.

It is important to remember that there are several different types of enhanced CDD under the AML/CFT Act. One common misunderstanding is that obtaining and verifying source of wealth or source of funds is the only type of enhanced CDD. This is not the case. The Act’s requirements relating to wire transfers, identification of politically exposed persons and involvement in new or developing technologies that might favour anonymity are also known as enhanced CDD. 

To read more about the different types of enhanced CDD and the relevant requirements, please see the updated enhanced CDD guide here: Enhanced Customer Due Diligence Guideline.  We will shortly be publishing a webinar on our website which will deep dive into the enhanced CDD obligations.