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#367025 - 06/02/05 03:12 PM CIP
Anonymous
Unregistered

We do alot of loans through a broker. Can't we rely on the broker to do the ID verification procedures. If so, what precautions do we need to take to ensure that the broker is performing these procedures so that the liability doesn't come back on the bank?

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#367026 - 06/02/05 04:42 PM Re: CIP
devsfan Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,927
NYC
IMO you should not rely on the broker for CIP.

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#367027 - 06/02/05 06:39 PM Re: CIP
Anonymous
Unregistered

Okay, so really the only way to verify identity in these cases.....we never see the customer.....is through non-documentary measures right?

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#367028 - 06/02/05 10:15 PM Re: CIP
Coming to Grips Offline
100 Club
Joined: Jul 2004
Posts: 166
nebraska
I believe you can have the broker collect all the informaiton necessary for CIP. The broker can even pull the credit report, etc. to perform identity verification. However, your institution will still be liable for CIP.
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