What is ongoing customer due diligence (CDD)?

Section 21C of the Financial Intelligence Centre Act (FICA) requires Accountable Institutions to conduct ongoing customer due diligence (CDD) measures on its client base and the business they are conducting with us.

It is also in the best interest of our community to monitor where and how money flows in to the EasyEquities platform so that it is kept safe from those who have criminal intentions.  

These CDD measures include:

  1. Monitoring of investment activities to ensure that transactions conducted in the course of the business relationship are consistent with our knowledge of the customer, their business and the source of funds.
  2. Ensuring that the customer information we have is accurate and relevant.

These requirements mean that from time to time we will need to contact certain clients in order to understand the nature of those activities better.

We will also need to obtain documentary evidence from selected clients showing what the source of their investment funds is. In other words, we need to know where the funds they have deposited into their accounts has come from.

This information would have been captured as part of the registration process (the Identity / KYC part of the user profile). Once we receive the documentation from you, we will verify the information against that captured on registration, make any necessary updates, and request any additional information we may require.

From the date that we request this information from you, we will place a temporary hold on your ability to withdraw funds. The quicker you can send us the information the quicker we can therefore verify it and update your information (if required) and prevent any potential disruption to your investment activity.

The documents you need to send us are specified in the ‘What do we need from you?’ section of this FAQ article.

Please note:

This is not meant to be an onerous or difficult process, but rather a quick and simple one in which we gather some information, compare it to what we have on record, and update your account if required.

We assure you that we will safeguard the security, integrity, and confidentiality of any information sent to us as we are required to do as an authorised FSP and in terms of the Protection of Personal Information Act, 2013.

 Should you have any questions / concerns about customer due diligence, please log a ticket with the topic CDD and an agent will get back to you as soon as possible.

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