3.3 Customer Due Diligence
يسري تنفيذه من تاريخ 15/8/2021Customer due diligence (''CDD'') is the process by which an RHP identifies and understands its customer. CDD is required by Article 5 of the AML-CFT Decision and is essential to protecting the RHP from abuse, and to deterring and detecting ML/TF schemes. In specific cases outlined below, and whenever the RHP believes that higher risks are present, the RHP must perform Enhanced Due Diligence (''EDD''). EDD involves more intensive measures to discover information about the customer.
The RHP must perform Customer Identification Diligence (''CID''), CDD or EDD prior to conducting each and every transaction, even if the customer is a repeat customer (see sections 3.3.1 to 3.3.4 below for their details). An RHP must not conduct a transaction if the appropriate diligence has not been performed or completed.
| When to Use CID, CDD and EDD | |
| Transaction | What is Required |
| A natural person sends or receives a transfer between AED 1 and AED 3,499 | CID, unless higher risks are present, in which case CDD & EDD as well. |
| A natural person sends or receives a transfer of between AED 3,500 to AED.54,999 | CDD, unless higher risks are present, in which case EDD as well. |
| A natural person sends or receives a transfer of AED 55,000 or greater. | CDD and EDD |
| A natural person from a high-risk jurisdiction sends or receives a transfer of any value. | CDD and EDD |
| A natural person who is a politically exposed person sends or receives a transfer of any value. | CDD and EDD |
| A legal person sends or receives a transfer of any value. | CDD and EDD |