Compliance

EDD

Definition

Enhanced Due Diligence - additional verification measures applied to higher-risk customers, such as PEPs or those from high-risk jurisdictions.

Concepts

Related Terms

CDDPEPrisk-based approach

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AML

Anti-Money Laundering - laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.

Beneficial Owner

The natural person who ultimately owns or controls a legal entity, typically someone with 25% or more ownership.

BSA

Bank Secrecy Act - US federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering.

Capital Requirements

Minimum capital for financial institutions.

CDD

Customer Due Diligence - the process of collecting and analyzing customer information to assess risk and prevent financial crimes.

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Resources

Related Resources

Mobile Money in Jeddah
Money Transfer Agents in Jeddah, Saudi Arabia
Money Transfer in Jeddah
Currency Exchange in Jeddah

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