Financial Crime

Customer Due Diligence Remediation

We know as a payments, e-money, challenger bank or crypto firm in the financial services sector, subject to the Money Laundering Regulations, you are obliged to review your existing customer records on a regular basis to ensure that the information held is correct, but equally as important, commensurate to the potential risk exposure of each customer.

Reviewing customer due diligence records on an ongoing basis can be time consuming and resource heavy. The ever-growing ‘cost of compliance’, continual changes to the regulatory landscape and pressures on internal resource can often lead to backlogs in CDD refresh, or worse still, delays in onboarding new customers.

We have vast experience in CDD delivery and we understand the frustrations and pressures that can come with reviewing your customer database. We are uniquely positioned to work with you to achieve your goals and take the pressure away from you to deliver an end to end remediation solution.

What is CDD remediation?

A CDD remediation is the process whereby we conduct an end to end review of your customer due diligence files. The aim of the project is to clear any backlogs you have while improving quality and achieving compliance with current and/or future regulatory standards.

Why do it?

If you do not maintain a sufficient level of information about your customers, not only do you expose yourself to the regulator, but you cannot demonstrate that you fully understand the underlying relationships with your customers, and as such, the subsequent risks. Weaknesses in CDD ultimately increases the risk of facilitating money laundering and/or terrorist financing.

When might this apply?

Are you sitting with a backlog of client files, with limited time or resources to review them? Has your CDD onboarding process had failures or issues with quality? Or do you simply need help with a CDD review? If the answer is yes to one or more of these questions then remedial action may be your best solution.

Why would you want it?

The initial benefit of a CDD remediation is to relieve pressure from you and your team by working with an experienced partner who lives and breathes CDD remediation. Additional benefits are achieving long-lasting regulatory compliance, whilst reducing the residuals facing your firm.

What are the benefits of starting a conversation with us?

To take both time and resource pressure off your organisation by hiring compliance experts to conduct a remediation project for you.

We offer bespoke CDD remediation solutions led by Tony Brown – an expert in the field and Senior Manager at fscom – who has successfully led large scale CDD remediation projects for some of the largest organisations in the world. Tony has extensive experience delivering complex CDD remediation projects to very demanding deadlines and is backed up by a team of experienced analysts and quality checkers that can be deployed at short notice.

We will not only take steps to address any CDD shortfalls, but will assess the appropriateness and effectiveness of your CDD onboarding procedures and find efficiencies to enhance your processes and find a root cause solution, rather than a temporary fix.

The end result is a cost-effective solution that provides a high-quality delivery and peace of mind. Take the pressure of your BAU team and let us handle this for you. Get in touch with our Director, Philip Creed today.


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Contact our Director, Philip Creed today