What is the difference between Standard Due Diligence and Enhanced Due Diligence (EDD)?

Standard Due Diligence
Most users undergo standard verification, which typically involves confirming identity and validating supporting documents such as identification and proof of address.

Enhanced Due Diligence (EDD)
Additional verification may be required for certain users based on regulatory risk-assessment factors. In these cases, users may be asked to provide further documentation to confirm details such as their financial background or the source of funds used for transactions.

EDD is a common regulatory requirement for financial institutions and helps ensure higher levels of transparency for higher-risk situations.