Banking Security Act (BSA) regulations and the Customer Due Diligence (CDD) rule were enacted to combat money laundering and the financing of terrorism. The Customer Due Diligence (CDD) Rule clarifies and strengthens customer due diligence requirements for certain financial institutions and requires these institutions to identify and verify the identity of the natural persons (known as beneficial owners) of legal entity customers who own, control, and profit from companies when those companies open accounts. Customer Due Diligence (CDD) begins with verifying the customer’s identity and assessing the risks associated with that customer. This process could include identifying the source of funds for an account and the business activity the account will conduct.

• A configurable questionnaire in Oracle Banking Origination to receive various details from the customer.
• The above details are stored as an account profile data against the customer account in Oracle Banking Accounts.

This is part of US regulation BSA-CDD. This static data needs to be stored as per regulation along with the account information. The below listed fields are included as follow:

• Source of funds
• ATM transactions in a month
• Domestic transactions in a month
• Expected Annual volume of transactions
• Expected foreign wire activity
• Purpose of account