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  • When did Simplified Due Diligence become not so simple?

When did Simplified Due Diligence become not so simple?

23 July 2019

Earlier this year, the Association of Foreign Banks (the AFB) received a query from the Editorial Panel of the Joint Money Laundering Steering Group (JMLSG) regarding how regulated firms undertake Simplified Due Diligence (SDD) in compliance with the Fourth Money Laundering Directive (4MLD). The Editorial Panel wanted insight to help shape the current JMLSG Guidance to better reflect the realities of SDD, post-4MLD implementation.

BDO and the AFB came together to survey 32 banks, capturing the latest thinking with respect to SDD practices. We analysed the results and provided regulatory and industry best practice on how banks should approach SDD.

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If you would like to discuss this edition of the report further or any wider sector issues, please contact Fiona Raistrick, Financial Crime Partner, or speak to your usual BDO adviser.

See our Financial Services pages.