Despite the COVID-19 pandemic, work is continuing in earnest to progress an industry minimum standard for Know Your Customer (KYC), also known as Customer Due Diligence (CDD).

What is Customer Due Diligence (CDD)?
CDD is the process of identifying our customers and verifying their identity with reference to documents, data, or information obtained from a reliable and independent source.

Why is performing CDD important?
The requirement to perform Customer Due Diligence (CDD) within the regulated and unregulated sector, particularly in the maritime sector, has increased significantly over recent years. This follows an international effort to combat financial crime and to create stronger controls for organisations. CDD is a key control and organisations conducting Know Your Customer (KYC) is essential in preventing organisations from being used for criminal purposes.

The working group benefits from strong representation from our current Board members BP, Shell, Totsa and Chevron, as well as the involvement and partnership of other key industry players.

The working group is working towards publishing a proposal this Autumn.

Should you want to hear more about this reach out to us using our contact form.