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Tag : customer identification program

  • When it comes to AML compliance, the basic checklist will tell you almost everything you need to know. However, there are a couple of other factors that might have slipped your radar. If you look specifically at KYC, for instance, you’ll find that high risk customers require some additional resources before you can proceed with complete compliance. 

    So while basic Customer Due Diligence is necessary for any bank or other financial institution, the concept of Enhanced Due Diligence (EDD) might not be as familiar. If that’s the case, here’s what you need to know:

  • In order to abide by BSA/AML compliance regulations, a reliable Customer Identification Program (CIP) is a must. With the development of technology, CIP programs have become increasingly tighter to protect against things like identity theft and organized crime...