Ongoing Customer Due Diligence (OCDD)

What does ongoing customer due diligence involve?

OCDD treats identity verification as something you keep current, not a box you tick once at onboarding. It combines keeping customer and beneficial owner records up to date with watching for activity that no longer fits the risk you originally assessed. A familiar Australian example: a supplier your accounts payable team verified two years ago emails to say its bank account has changed. Under OCDD you do not simply trust the original check, you refresh it, because the details that made the payee safe to pay may no longer be true.

Why it matters for Australian finance teams

Under Australia’s AML/CTF regime, AUSTRAC expects reporting entities to monitor customers throughout the relationship, not just at the start. For finance and AP teams the practical risk is stale data: a payee record that was genuine at onboarding can be quietly altered, and without ongoing checks a changed bank account slides through unquestioned. That gap is exactly what payment redirection fraud exploits.

How ezyshield helps

ezyshield supports ongoing due diligence by re-verifying the person, the business through ABN and ASIC checks, and bank account ownership whenever key details change, rather than assuming an old check still holds. Every check is recorded in an append-only audit trail that is logged and never edited or deleted, giving you dated evidence of each refresh. ezyshield is not a full transaction monitoring system, so pair it with your own monitoring. See how it works and ongoing due diligence in 2026.