This report outlined the FATF, the CDD and its objectives, Know Your Customer, risks and gaps. The various inclusions have been discussed in detail. In this report, the Customer Identification Program has been discussed, which consists of 3 parts: Recognition, Verification & Engagement, and KYC. This report has updated our CDD measures to detect and prevent money laundering or terrorist financing and be aware of all known and unknown risks involved without CDD. Adequate CDD will add substantial business value and ensure that decisions about customers, their past, present and future account transactions are made on a well-informed basis. If we look at the example of JP Morgan Chase Bank discussed in the report, we can see how they failed to identify key CDD requirements and suffered millions of dollars in losses