The following clients and products qualify: A credit or financial institution which is subject to the requirements of the third money laundering directive. A credit or financial institution in a non-EEA state which is supervised for compliance with requirements similar to the third money laundering directive.

What would qualify for simplified due diligence?

Simplified due diligence is the lowest level of due diligence that can be completed on a customer. Often customers that are required to disclose information regarding their ownership structure and business activities, or companies that are subject to money laundering regulations, are seen to be lower risk.

What is the definition of simplified due diligence SDD?

Simplified due diligence (SDD) Simplified due diligence is permitted where you determine that the business relationship or transaction presents a low risk of money laundering or terrorist financing, taking into account your risk assessment.

Can simplified due diligence measures could be appropriate for a company listed on a regulated market?

Simplified and Enhanced Due Diligence in the UK | Anti Money Laundering Compliance Programs | Anti Money Laundering | Resources. Under the 2017 Regulations, a regulated firm can apply simplified due diligence if it determines that the business relationship or transaction presents a low risk of money laundering.

Can we rely on other people’s CDD?

Regulation 39 allows relevant persons to rely on certain other people to carry out CDD measures, provided that the other person consents to being relied on and that the original relevant person remains liable for any failure to apply the measures.

What is considered due diligence?

What Is Due Diligence? Due diligence is an investigation, audit, or review performed to confirm facts or details of a matter under consideration. In the financial world, due diligence requires an examination of financial records before entering into a proposed transaction with another party.