Customer Due Diligence (CDD) and Know Your Customer (KYC) Services

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What's the difference between KYC and CDD?

Know your customer is a procedure to cross-check the risk in the customer and to comply with the legal requirements to comply with the AML (Anti-money laundering) Acts. It is a methodology to verify the current and prospective identities of the customers.

Customer due diligence, on the other hand, is an ongoing assessment to identify the customer risk. CDD or Customer due diligence is basically to gather information and details of the customer to prevent and mitigate risks like money laundering, terrorist financing, drug traffickers, market manipulations, and illegal financial transactions. It is during the customer interaction that the KYC and CDD processes or Customer due diligence are visible. Both CDD or Customer due diligence and KYC for financial institutions are important elements of anti-money laundering programs that are adopted by financial organizations and companies. CDD, or Customer due diligence, is an integral part of the KYC.

Both Customer due diligence and KYC for financial institutions are similar to each other. Knowing your customer is the details collected before the customer enters into a business relationship, whereas CDD or customer due diligence is an assessment to check if the information or details provided by the customer in the KYC financial institutions are relevant. Customer due diligence is an ongoing assessment until the customer is in a business relationship with the company, required to keep updated with the transactions of the customers.

Understanding the KYC AND CDD?

KYC for financial institutions means Know Your Customer information, it is a procedure to check the authenticity of the customer. Before investing in various financial institutions, the customer must have all the KYC process Paper works. This KYC for financial institutions can be obtained by the customer due diligence either through online verifications or offline service. To keep away from all the financial illegalities by the customers or entities, the KYC for financial institutions procedure acts like a tool to cross-check the customer's operating legal address and verify their beneficial owners and authorized signatories.

Customer Due Diligence, also known as CDD, is one of the important elements of the anti-money laundering programs that financial institutions and companies are required to implement. CDD is an ongoing procedure to verify the customer's details and mitigate the client's risk profile involved in the profile of the customers. CDD, or Customer due diligence, helps financial companies take appropriate measures to prevent risk, especially when any suspicious transactions occur. With the growing technology, new crimes such as cybercrime have bloomed in the market; CDD or customer due diligence is very important for financial institutions. It helps to identify the potential risks involved with the business relationship.

What are the main functions of KYC?

Enterslice is a consultancy company that not only provides a service but crafts a solution. We have a professional who, on day to day, assists clients in preparing KYC procedures (Know your customer) and customer due diligence. Our professionals are ready to assist in all the compliance standards and customer due diligence necessary for the company and financial institutions to avoid the risk involved with the customer profile, thus preventing illegal transactions and anti-money laundering activities. There are a few major functions under the KYC customer due diligence

Customer identification program (CIP)

CIP basically identifies the customer, who they say and who they are. CIP is the risk management of the customer identity to determine the level of risk and policy of that risk level. Individual requirements for opening a financial account are the customer's full name, date of birth, customer address, and identification number. This information is enough for the financial institutions to collect from the customers willing to open a bank account. The institutions need to verify this information within a reasonable time.

This verification of the Documents includes various steps from Documents to non-Documentary methods. This method compares the information provided by the customer with consumer reporting agencies, public data, due diligence, or a combination of both.

Enterslice professionals shall analyze the company structure to identify the exact policies of the company and its risk-based approach and various other factors such as account type offered by the bank, methods of bank account opening, methods of identifying information available, etc.

Customer due diligence

Customer due diligence is an integral part of the anti-money laundering program for financial institutions. To gain the trust of the potential client, financial institutions need to evaluate and determine the details of the customers.

Our professionals would assist in identifying the risk factors involved with the customers, thus protecting the financial institution from exposure to money laundering activities and terrorist financing.

Ongoing Monitoring

In this busy schedule of the fast-paced environment, it is difficult to align with the constant monitoring of the customer's transactions. To get rid of this difficulty, Enterslice provides a service that assists financial institutions in implementing a program for ongoing monitoring of customer transactions and accounts-based risk assessment or risk profiling of the customers. Factors involved in monitoring depend on the customer and risk mitigation strategies.

Our professionals assist in pointing out customer activities and unusual cross-border transactions if the customer is mentioned in the sanction list or any adverse media mentions, thus reducing the risk of suspicious transactions.

Types of KYC

Some of the types of KYC are

Corporate KYC

Corporate KYC for financial institutions is just like the individual KYC requirement for the opening of a bank account with a financial institution. The only difference between corporate KYC regulations and individual KYC is their requirements.

The requirements of corporate KYC differ in jurisdictions. A few of the general method that our Enterslice team adopt for an effective program are a) We shall collect and identify the company details like full name, address, and status, and accordingly, we will put it in the workflow b) It is very important to determine who has the ownership stake either entities or a natural person through ownership or another party i.e know your business strategy.

Electronic KYC

With the evolution of digitalization, the financial institution has also adopted the verification process entirely online. Electronic KYC for financial institutions is the process by which KYC is verified. In India, Electronic KYC is done through the Aadhaar card authentication of the customer by authorised organisations and agents. With the E-KYC, the Paper works has been done online, and hence there is no need for physical Paper works. E-KYC includes the biometrics of the customer. These biometrics are considered to be the safest identification method for customer due diligence, thus ensuring the utmost security in the financial sector.

Some of the requirements for E-KYC verifications in India under UIDAI are name, address, phone number, gender, date of birth, etc. For the verification of the E-KYC application, one must have an aadhaar card number.

Mobile KYC

With the widespread transition of technology becoming a digital world leading to the adoption of smartphones and the internet, most of businesses have successfully entered into smartphone transactions. Mobile KYC for financial institutions is a method or a process adopted by the organization for verifying customer details through smartphone applications or its website on a mobile internet browser. Nowadays, financial institutions like banks have adopted banking apps to convince customers.

KYC for Banking

The banking sector is a huge business dealing with millions of transactions on a day-to-day basis. With growing digitalization, financial crime is increasing rapidly. Thus, the financial sector, for the prevention of financial crime like terrorist financing, illegal transactions, market manipulations, etc., needs to hire a professional who would look after the KYC verifications of the customer to identify and make sure what they say and who they are in actual.

We have a professional who provides KYC verification services for organizations dealing with financial transactions on a day-to-day basis. Our experts will assist the organization from misusing the accounts by stealing the victim's account by the customers and thus preventing the takeover of the account by financial criminals.

KYC for Cryptocurrency

Enterslice service does not stop its service on traditional financial services but also in the digital money known as cryptocurrency exchanges. We shall also assist the customer in regulating the KYC policy for cryptocurrency. This service includes verification of the customer's identity, analyzing the client’s nature of financial transactions, and the legitimacy of their funding sources.

Understanding the different levels of CDD

Based on the requirements, enterslice professionals may enforce different levels of customer due diligence. Following are the different levels of CDD

Due Diligence of the Regular Customer

This is a customer Due Diligence of the regular Customer, also known as standard due diligence. This due diligence is used when there is a huge change of potential risk involved in the customer relationship dealing with financial transactions. This kind of risk is unlikely and not visible to identify a customer risk.

We shall help our client in identifying the customer's due diligence, who he is, and what he is. We shall collect the nature information regarding the business relationship. Our service will help organizations gain confidence in the customers they are dealing with, thus building solid trust and preventing money laundering activities and other criminal transactions.

Due Diligence of the Simplified Customer

This due diligence is the lowest due diligence of customers whose involvement in financial crimes is less. Once the customer profiles fall into the simplified customer, further due diligence is not required. Some of the factors involved in identifying such simplified customer due diligence are the service or product being provided and the type of customer the organization is engaged with. Few of the customers who come under this category of simplified due diligence are public authorities or customers listed on a regulated market.

Enhanced Due Diligence

Beyond the due diligence of the regular customer, we shall also identify the high-risk potential customer by enhancing due diligence. This enhanced due diligence provides greater security of higher risk involved in the business relationship and hence highlights the risk that the regular customer due diligence could not detect the measures.

Enhanced customer due diligence is an ongoing process as the existing customer can, over time, enter into the category of high-risk. One of the biggest examples is a politically exposed person.

KYC Customer Due Diligence failures: what happens if

KYC customer due diligence is vital for entering into a relationship with financial businesses. Due to the global digital evolution, KYC for financial institutions has become mandatory to avoid money laundering activities, financial crimes, terrorist financing, etc. KYC customer due diligence also protects the privacy of the customer, thus complying with the customer's rights. The reputation of the company is also safeguarded under the proper guidance of the professionals the financial institution can KYC customer due diligence is a primary element for entering into financial relationships. The customer should comply with the KYC requirements by giving his details like name, phone number, address, etc. Customers failing to provide this KYC would automatically get rejected by the organizations, thus declining the service or ending their business relationship with the customer.

Improve your KYC and CDD procedure with Enterslice

Enterslice is a consultancy company that provides services on advisory, risk assurance, risk & assurance, audit & finance, etc. We have a professional dealing with dozens of Customers with due diligence standards and KYC for financial institution verification for our clients, meeting all their requirements with the utmost satisfaction, acting as a financial action task force.

We don’t just provide a service on the interactions; our team of experts analyzes it very thoroughly about our client's business, and thus, we proceed with the further requirements as per the risk involved and get the best outcome for the organizations, thus meeting compliance standards under AMl. Enterslice services are always updated to help businesses to grow.

Although both KYC and Customer due diligence are mandatory for the financial sectors, we shall provide a periodic approach to regulating the risk involved with customers. Our experts will assist in keeping a record of the customer's account up to date and create a risk profile for the customers. We shall identify the category of customer if the risk level is high or low and thus identify suspicious activity reports. When it comes to monitoring the company's transactions, our team will provide the best service by implementing technologies that identify illegal transactions, thus preventing money laundering by customers.

Frequently Asked Questions

KYC is the process of identifying information from potential clients, financial profiles and risk levels. CDD is a part of the KYC. It is an ongoing process of collecting and evaluating customer details and thus monitoring financial transactions. KYC is basically a valid identification number of the clients.

CDD rule has multiple steps to cross-check the customer profile or its identity. This is a procedure to check if any risk is involved with the customer entering into the business.

The four stages of customer due diligence are Screening of name, ID verification, monitoring transaction activity, risk management, etc.

The types of CDD in KYC are standard identity verification and simplified and enhanced due diligence.

The four components of CDD are identification and verification of the customer, understanding the purpose and nature of the customer business and ongoing monitoring to identify suspicious activities by the customers.

CDD is a regulatory requirement for companies entering into financial business with individual users and businesses in order to identify the risk involved with the customer profile.

CDD checklist is to verify the customer details provided by them in business relationships with the financial institutions. It involves verifying the details of the customer constantly.

CDD in banks is very important to avoid financial fraud and exposure to anti-money laundering. CDD in the bank is the procedure to get the details of the customers entering into the financial business. Thus, KYC and CDD solutions are compliant with the financial institution to follow onboarding the customer.

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