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Enhanced Due Diligence Form

Enhanced Due Diligence Form Template for India

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Key Requirements PROMPT example:

Enhanced Due Diligence Form

"I need an Enhanced Due Diligence Form for our Mumbai-based financial services company to onboard high-net-worth clients and politically exposed persons, ensuring compliance with latest RBI guidelines effective January 2025."

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Document background
The Enhanced Due Diligence Form is a critical compliance document used by financial institutions and regulated entities in India to conduct thorough assessments of high-risk customers and business relationships. This document is mandated by Indian regulatory authorities, particularly for situations requiring enhanced scrutiny under the Prevention of Money Laundering Act (PMLA) 2002 and RBI guidelines. The form is specifically designed to capture detailed information about customers' business activities, ownership structures, risk profiles, and financial patterns. It is particularly crucial for transactions involving politically exposed persons (PEPs), high-risk jurisdictions, or complex business structures. The document ensures compliance with both domestic Indian regulations and international AML/CFT standards, making it an essential tool for risk management and regulatory compliance.
Suggested Sections

1. Basic Information: Entity/individual name, registration details, contact information, and basic identification data

2. Business Profile: Nature of business, industry sector, operational history, and business model overview

3. Ownership Structure: Details of shareholders, beneficial owners, and group structure including ownership percentages

4. Management Information: Details of directors, key management personnel, and their background information

5. Financial Information: Financial statements, revenue sources, major business partners, and banking relationships

6. Risk Assessment: Risk categorization criteria, risk scores, and justification for risk classification

7. Transaction Profile: Expected transaction patterns, volumes, and nature of anticipated business activities

8. Regulatory Compliance: Licensing, registrations, and regulatory status across relevant jurisdictions

9. AML Controls: Internal AML policies, compliance procedures, and control mechanisms

10. Declaration: Signed declaration of information accuracy and commitment to update material changes

Optional Sections

1. Political Exposure Assessment: Additional scrutiny for Politically Exposed Persons (PEPs) and their associates

2. International Operations: Details of cross-border activities and presence in high-risk jurisdictions

3. Sanctions Screening: Enhanced screening against various sanctions lists and adverse media

4. Ultimate Beneficial Owner Special Declaration: Additional declarations for complex ownership structures or offshore entities

5. Source of Wealth Documentation: Detailed assessment of wealth sources for high-net-worth individuals or complex structures

6. Related Party Information: Information about associated entities and business relationships

7. Industry-Specific Requirements: Additional information based on specific industry regulations (e.g., real estate, precious metals)

Suggested Schedules

1. Schedule A - Document Checklist: List of required documents and supporting evidence for verification

2. Schedule B - Risk Assessment Matrix: Detailed risk scoring criteria and assessment methodology

3. Schedule C - Beneficial Ownership Chart: Visual representation of ownership structure and control relationships

4. Schedule D - Transaction Monitoring Parameters: Specific parameters and thresholds for ongoing monitoring

5. Appendix 1 - Supporting Documents: Copies of incorporation documents, licenses, and identification proof

6. Appendix 2 - Compliance Certificates: Relevant regulatory compliance certificates and authorizations

7. Appendix 3 - Declaration Forms: Standard declaration forms for specific aspects (PEP status, source of funds, etc.)

8. Appendix 4 - Screening Results: Results of various screening checks (sanctions, PEP, adverse media)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Beneficial Owner
Control
High Risk Countries
KYC Documents
Politically Exposed Person (PEP)
Risk Assessment
Shell Company
Sanctions
Ultimate Beneficial Owner (UBO)
Enhanced Due Diligence (EDD)
Transaction Pattern
Source of Funds
Source of Wealth
Associated Entity
Close Associate
Compliance Officer
Customer Due Diligence (CDD)
High-Risk Customer
Material Change
Authorized Signatory
Business Relationship
Designated Director
Financial Action Task Force (FATF)
Group Structure
Legal Person
Natural Person
Nominee Director
Offshore Entity
Operating Account
Principal Officer
Screening
Senior Management
Significant Influence
Suspicious Transaction
Related Party
Clauses
Confidentiality and Data Protection
Information Accuracy
Document Requirements
Consent and Authorization
Regulatory Compliance
Information Updates
Risk Assessment
Screening and Monitoring
Declaration and Certification
Document Retention
Information Sharing
Beneficial Ownership
Transaction Monitoring
Source of Funds Verification
Sanctions Compliance
Record Keeping
Anti-Money Laundering
Privacy Notice
Third Party Verification
Supporting Documentation
Change Notification
Regulatory Reporting
Investigation Rights
Information Access
Due Diligence Process
Relevant Industries

Banking and Financial Services

Insurance

Investment Management

Real Estate

Precious Metals and Jewelry

International Trade

Cryptocurrency and Digital Assets

Professional Services

Gaming and Entertainment

Non-Banking Financial Companies

Capital Markets

Infrastructure Development

Healthcare

Education

Relevant Teams

Compliance

Risk Management

Legal

Operations

Customer Onboarding

Financial Crime Prevention

Internal Audit

Regulatory Affairs

Customer Due Diligence

AML Operations

Relevant Roles

Compliance Officer

Risk Manager

AML Specialist

KYC Analyst

Legal Counsel

Regulatory Affairs Director

Due Diligence Officer

Financial Crime Analyst

Relationship Manager

Chief Risk Officer

Compliance Director

Operations Manager

Internal Auditor

Company Secretary

Chief Financial Officer

Industries
Prevention of Money Laundering Act, 2002 (PMLA): The primary legislation governing anti-money laundering measures in India, which sets out the framework for customer due diligence requirements and reporting obligations
RBI KYC Directions, 2016: Reserve Bank of India's master directions on Know Your Customer (KYC) norms, laying out specific requirements for customer identification and enhanced due diligence procedures
Foreign Exchange Management Act, 1999 (FEMA): Regulates foreign exchange transactions and cross-border business relationships, requiring additional due diligence for international transactions
Information Technology Act, 2000: Governs the collection, storage, and protection of electronic data collected during the due diligence process
SEBI (KYC Registration Agency) Regulations, 2011: Provides guidelines for KYC registration agencies and the requirements for maintaining KYC records in the securities market
Companies Act, 2013: Contains provisions regarding beneficial ownership information and corporate structure verification requirements
Indian Contract Act, 1872: Provides the basic framework for contractual relationships and documentation requirements in India
Benami Transactions (Prohibition) Act, 1988: Requires verification of true ownership and beneficial interest in property and transactions
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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