Customer Due Diligence (CDD)

Set up or perform CDD and Wwft related work

Money laundering laws and regulations have been tightened in recent years by the Money Laundering and Terrorist Financing (Prevention) Act (Wwft). Besides banks, insurers and investment institutions, the Wwft also applies to Payment Service Providers (PSP) administration offices, accountants, tax consultants, trust offices, lawyers and notaries. The most important part of the Wwft is client due diligence, better known as CDD (Customer Due Diligence) and KYC (Know Your Customer).

Identifying your customer, verifying the identification, finding out the UBO (Ultimate Beneficial Owner) and ongoing monitoring of the customer and its transactions are key components of this. Failure to comply with this legislation can result in very large fines.

However, compliance is a time-consuming and complex process. ARC People can support your organization in this regard with:

• Setting up processes (or advising on them) to organize compliance with the Wwft;
• Provide capacity and knowledge to perform the work (such as periodic) handling of files;
• Possibly take out of your hands full assessment and periodic review.