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Customer Due Diligence Checklist for NBFIs: Key elements to a strong CDD program

Non-Bank Financial Institutions (NBFIs) must adhere to Bank Secrecy Act (BSA) regulations and have an anti-money laundering (AML) program commensurate with the risk profile of their business model. Customer due diligence (CDD), commonly known as the fifth pillar of Bank Secrecy Act (BSA) compliance, is the cornerstone of a robust BSA/AML compliance program. In addition to general onboarding procedures your organization requires, it is also critical to know your customers or with whom and where they conduct business. Your CDD program should be aligned with and supported by your risk assessment.

Download this checklist to learn:

  • Steps in the CDD process that your organization should be performing
  • When to conduct periodic enhanced due diligence
  • Guidance on Enhanced Due Diligence, depending on the assessed risk of the customer

Looking for additional resources on AML compliance for your Non-Bank Financial Institution? Watch the complimentary webinar, AML Compliance and Sanctions Requirements for NBFIs, or learn more about how Abrigo can help all types of financial businesses as a true partner for your compliance program.