CDD Remediation

Customer Due Diligence Solutions

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.

Guide

What happens when a payment (or e-money institution) becomes insolvent?

Safeguarding is an area that raises many points of debate and contention within the industry.

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 experts who have successfully led large scale CDD remediation projects for some of the largest organisations in the world. 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.

Book your free consultation

    fscom needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.

    Subtitle

    Subtitle

    Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse vel metus faucibus, rhoncus sem vel, vestibulum velit. Integer feugiat semper dignissim.

    Why choose fscom?

    Your Safeguarding Team

    Phil

    Philip Creed

    Director

    On demand insights and resources

    Webinar and Podcasts

    Slide 1 Heading
    Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed pretium, enim sed porta portaa
    Download Now
    Slide 2 Heading
    Lorem ipsum dolor sit amet consectetur adipiscing elit dolor
    Click Here

    Lorem ipsum dolor sit amet, consectetur adipiscing vel metus faucibus elit.

    Curabitur sollicitudin lacus in odio maximus volutpat. Aenean id ante nunc.

    Explore our other services

    Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec vulputate nibh sit amet lectus pellentesque rhoncus. Sed vulputate ligula at tincidunt facilisis.

    A few of our clients

    Get started today

    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 today.

      fscom needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.