Outsourcing Customer Due Diligence (CDD)
13 December 2021
The Department and the FMA have issued this reminder for reporting entities that outsource Customer Due Diligence (CDD) requirements to a specialist AML third-party provider. This outsourcing typically occurs during the onboarding process for a new customer.
While these providers can provide a useful service, we want to remind reporting entities that outsourced CDD does not exist in isolation from your wider CDD procedures and obligations.
The reminder provides information on:
- Customer Due Diligence
- Record Keeping
- AML/CFT Programmes
If you outsource your CDD obligations to a specialist AML third-party provider, or are considering doing so, we encourage you to read and understand this reminder: Outsourcing your CDD requirements (PDF, 157KB)
Please contact AMLCFT@dia.govt.nz if you have any questions.
