Customer Due Diligence (CDD) refers to the procedures financial institutions and cryptocurrency platforms undertake to verify the identity of their clients and assess potential risks. These measures are critical for preventing financial crimes, including money laundering and terrorist financing, by gathering and analyzing relevant customer information. CDD ensures compliance with anti-money laundering (AML) regulations globally.
Context
The implementation and enhancement of Customer Due Diligence processes are regularly discussed in the context of global financial regulations and the cryptocurrency industry’s efforts to achieve mainstream acceptance. News often covers regulatory updates and technological advancements aimed at improving the efficiency and effectiveness of CDD within digital asset services. This remains a crucial aspect of regulatory compliance.
Cryptocurrency exchanges must fortify AML/CFT frameworks, integrating enhanced CDD, RBA, and robust transaction monitoring to align with evolving global standards.
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