Enhanced Due Diligence

The term ‘enhanced due-diligence’ officially means applying a rigorous and robust process of investigation over and above normal AML/KYC procedures, primarily taking reasonable steps to verify and validate a customer’s identity.

It’s the regulatory obligation of Linked Money to understand and monitor a customer’s profile, business and account activity, specifically identifying irregular adverse information such as suspected fraud, money-laundering and/or terrorist financing. An “enhanced due-diligence” approach is designed by Linked Money to support actionable decisions to mitigate financial fraud, regulatory and reputational risk, as well as ensuring legal/regulatory compliance.

Linked Money maintains a high quality bespoke global enhanced due-diligence compliance reporting when it determines there is a high risk in ML/TF risk. Linked Money takes all necessary steps to analyze, verify, clarify and update any KYC information about a customer and monitor their transaction closely and report to AUSTRAC any suspicious matter to AUSTRAC. This does not affect the obligations of Linked Money under the Privacy Act 1988.

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