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New Account Verification
Answer by John Burnett, BOL Guru
Guru Bios
Question: Currently we do a social security verification or a credit report on all new accounts to verify identity/and/or other information. Some reports verify the individual information to be the same as what we have on the person but will not verify that the social security number is actually issued to that person, but gives the date of issue and the state issued in. According to the CIP rules, are we required to verify that the number given is actually issued to that person? If so, do you know where or how to obtain that specific information?
Answer: The Social Security Administration, which issues SSNs, won't verify that a given number matched to a given name. Consequently, any service that claims to be able to do so must be viewed with some skepticism. The CIP regulations don't require that you get a literal match on each of the four items of personal identification information you are required to obtain. They require that you take such steps as you believe necessary to believe you know the true identity of the person. If your bank's CIP requires that you make a literal verification of the TIN your customer gives you, you are setting yourselves up to break your own rules.
First published on BankersOnline.com 11/27/06
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