What key steps are included in the CDD process?

The initial CDD process includes the following key steps, as detailed in section 19 (3) of the AMLTF Code of Practice and the explanatory notes:

• Identifying the applicant for business or customer;
• Verifying the applicant for business or customer’s identity; 
• Obtaining details of the purpose or intended nature of the business relationship or transaction; and
• Understanding the applicant for business or customer and their circumstances (which includes gathering information on the source of wealth and funds, size and volume of the business, and expected nature and level of the transaction sought)