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Customer Due Diligence

What is Customer Due Diligence:

Customer Due Diligence (CDD) is a process of gathering and analyzing identifying information about an individual or organisation. CDD aims to assess the potential risk a client or a third party may pose.

Legislation is in place in Jersey which requires certain firms to have a very specific set of procedures in place for the general purpose of identifying proceeds of crime (also known as the anti-money laundering legislation).  

In the case of Lakey Offshore, we are regulated under Schedule 2 with the Jersey Financial Services Commission which requires us to obtain information from both Sellers and Buyers to determine their identification, proof of their residential address and also proof of “source of funds” (being the monies utilised to buy a business and, in the case of a seller, the monies they utilised to buy or set up the business they are selling).    This applies in the case of both individuals and companies. 

Lakey Offshore undertakes regular training in respect of CDD and frequently stress-tests its policies and procedures to ensure that it is fully compliant with the legislation and the regulations.    

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