CIP, CDD, ECDD, CDDBO…What Do They All Mean?
When we talk BSA/AML/CFT compliance, there are a lot of acronyms that get tossed around. CIP, CDD, ECDD and CDDBO are just a few and it’s important you don’t mix them up. They each serve a different purpose in your BSA Program. CIP (Customer Identification Program) is about identifying the persons or entities that open accounts at your institution. CDD (Customer Due Diligence) is about understanding your customer and their expected or typical activity. ECCD (Enhanced Customer Due Diligence) is like CDD on steroids and is often triggered for higher risk customers and situations. CDDBO (Customer Due Diligence for Beneficial Owners) differs from CIP in that it seeks to identify the beneficial owners of any legal entity customers.
Kevin explains more in the video.
2026/02/04
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).