Enhanced Due Diligence, or EDD, is the highest level of compliance — a vigilant, meticulous process that kicks into gear when the stakes are high. It’s the regulatory spotlight that shines brilliantly on entities with intricate structures, like trusts and labyrinthine companies. EDD demands nothing short of a full blown investigation to satisfy Anti-Money Laundering (AML) regulations.
Enhanced Due Diligence isn’t just important, it’s the guardian of the financial realm. In the world of compliance, it’s not an option, it’s a must-do — a legal obligation that keeps the Department of Internal Affairs (DIA) on its toes. Failing to comply with EDD can lead to public warnings or fines of epic proportions.
Enhanced Due Diligence kicks in when the red flags of risk are raised. It’s the vigilant guardian that steps up when an entity being verified is deemed high-risk, ensuring no stone is left unturned.
Think of Customer Due Diligence (CDD) as the initial handshake, while Enhanced Due Diligence (EDD) is the deep-dive investigation. EDD demands you go the extra mile, gathering an arsenal of information from the source of wealth to trust deeds and all their variations. It’s the heavyweight champion of diligence, making sure everything is aligned, while CDD is just the KYC check in comparison.
If you are a Lawyer, Real Estate Agent, or an Accountant in Australia, you may be wondering what exactly this ‘Tranche 2’ stuff will mean for you in practical terms.
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Press Release: APLYiD Partners with HES Fintech to Enhance Digital Identity Verification Solutions
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It's not hard to scam an agency, and HMRC is on the hunt for AML negligence with £5k fines. Yikes. But there is an easy way to fix this...
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As Valentine's Day approaches, love is undoubtedly in the air, but unfortunately, so is the risk of identity theft within the online dating sphere.
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As we kick off the new year, APLYiD, a leading identity verification company, is navigating through changes in the regulatory landscape.
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In today's fast-changing world of digital security, biometric verification has become a crucial way to authenticate identities.
Read moreWhat is Enhanced Due Diligence and why is it so important?
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At APLYiD our mission is to end identity fraud and digital crime – that’s why we’ve made the best biometric identity verification software on the planet. But as our technology gets more sophisticated...
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At APLYiD our mission is to end identity fraud and digital crime – that’s why we’ve made the best biometric identity verification software on the planet. But as our technology gets more sophisticated...
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The cost of living crisis, competitive landscape and ongoing war in Ukraine are causing major headaches for the legal industry
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The new 2023 plate change will come in a volatile, ultra-competitive market. Here’s how to win over those harder-to-reach customers
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There are some tiny, fragile signs that the UK Property market is recovering
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The accounting industry is in crisis – but with one simple software tweak it could become a fun, rewarding job once more
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As interest rates continue to rise, so too do abandonment rates. By creating a better customer experience, you can cut those rates while protecting your business from fraud
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The entire accounting industry is changing. For some that means new opportunities for growth and diversification; but for others the change can be traumatic.
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Watch and learn with our pick of the 14 best YouTube channels to follow if you’re serious about cyber security
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Passwords are hacked with ease, and MFAs are not the answer. Isn’t it time the biggest companies protect their clients and workforce with an identity-based perimeter?
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New to KYC? Here’s your at-a-glance guide to the ins and outs of Knowing Your Customer.
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The FCA reports that the UK’s top challenger banks still don’t do enough to eliminate identity theft and cyber fraud – but there’s nothing but silence from the companies that are supposed to be protecting them.
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The next year is going to be a tough one, with fewer car registrations than ever. Follow our tips to make the most of every customer and drive ahead of the competition.
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Some predict a bumper year for consumer finance; other suggest the industry will suffer. Either way recessions can wreak havoc – but here are some ways you can navigate the choppy waters ahead.
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Wherever you look the experts are predicting an annus horribilis for Estate Agents next year. But we’ve unearthed some ways you can beat the property market slump and thrive next year
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Conventional wisdom predicts that legal firms do well in a recession. But that’s not always the case – unless you follow our top five tips for 2023
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Well, 2022 was a bit of a hellscape, wasn’t it? Recessions, political merry-go-rounds, Royal dramas, problematic world cups, and the ever-present ghost at the feast that is Brexit have all left their mark on the
Read moreThere are many reasons why elite sports stars can end up poor and homeless. Drug habits, concussions, bad investments, you name it. But Cindy Brown is different.
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The safest, fastest and most trustworthy onboarding process to verify your customer’s identity.
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The best customer onboarding experience… and the best defence against digital fraud.
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Digital-first banks attract customers with no-fee accounts and simple, seamless setups. But their appeal to fraudsters means the more seamless they get, the more dangerous they become.
Read moreThe myth persists that identity theft is a relatively harmless, victimless crime aimed mostly at the elderly and vulnerable… but the data doesn’t agree.
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Our complex world and its resultant threats to businesses mean General Counsel and legal firms are getting less sleep than ever. But there’s more to it than just risk: finding the right balance can give in-house
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So much of the world is under threat from scammers, bad actors – and governments that give them shelter. But we can defeat the bad guys if the good guys band together.
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KYC is an important part of protecting yourself – and your customers – from fraud, regulatory breaches and bad actors. Luckily APLYiD makes KYC compliance quick, seamless and effective.
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Imagine returning from a well-earned holiday and putting your key in your front door only to find the locks have been changed…. then a stranger opens the door and asks who you are.
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