What Is Customer Due Diligence (CDD) and Why It Matters

In the past couple of years, you’ve probably heard the term due diligence or customer due diligence. Are you looking for a customer due diligence definition? How does this affect companies? And is every company affected? When should customer due diligence be performed?

What Does Know Your Customer (KYC) Mean in Banking?

The (KYC) Know Your Customer definition defines the phrase as a set of regulatory standards used in the finance industry to verify the identity of a customer or a client. The main purpose of the Know Your Customer rule is to stop certain illegal activities from occurring.