←Back to Crypto assets and origin
Customer due diligence (CDD)
In short
Paucitas is an independent expert firm in the Netherlands that investigates investment fraud and crypto fraud, establishes the origin and legitimacy of crypto assets and prepares expert reports for legal proceedings and compliance.
What does this mean if you hold crypto?
The institution establishes who the client is, verifies that identity, identifies the ultimate beneficial owner, looks at the purpose of the relationship and then keeps an eye on the transactions.
For you as a client, customer due diligence means you may get questions about who you are and where your money comes from, even if you have been a client for years. With money from crypto, the question is often how the crypto was acquired. The better you can substantiate that, the sooner the review is complete.
More about customer due diligence (CDD)
What is CDD?
CDD stands for customer due diligence. It is the review that banks, solicitors, estate agents, cryptoasset firms and other businesses covered by the Money Laundering Regulations 2017 must carry out on their clients: who is the client, who is the ultimate beneficial owner, what is the purpose of the relationship and do the transactions fit it.
What is the difference between KYC and CDD?
KYC, know your customer, is establishing and verifying the identity of the client. CDD is broader: besides identity, the institution looks at the purpose of the relationship, the ultimate beneficial owner and the origin of money, and it keeps monitoring transactions.
When does a bank carry out customer due diligence?
A bank carries out customer due diligence when entering into the relationship, for special or large transactions and when there is doubt about information provided earlier. For many banks, money from crypto is a reason to ask about the origin again.
How can Paucitas help with customer due diligence involving crypto?
Paucitas documents the origin of crypto assets by linking the transactions on the blockchain to your documents. The report shows in plain language how the assets came about, so that the bank or solicitor can complete the customer due diligence.
Would you like to know what this means for your own situation? Paucitas will look at it with you, free of obligation: ring us on +31 20 244 5774, day or night, or get in touch.
Your own situation
If you are reading this, you probably have a question about your own situation. That is exactly what Paucitas does.
The first step is contact by phone. You can book that call by phone or through the contact form, so you do not have to wait. In the call we look together at what can factually be established in your case and what Paucitas can examine for you.