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#1497989 - 01/20/11 08:41 PM Who keeps copies of IDs for CIP?
jross Offline
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Joined: Dec 2009
Posts: 184
TX
We are currently keeping a copy of the IDs that we use for CIP purposes. I would like to change our procedure to where we only view the items and record the numbers. Does anyone have pros/cons they would like to share?
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#1498001 - 01/20/11 08:47 PM Re: Who keeps copies of IDs for CIP? jross
CompliKat Offline
Member
CompliKat
Joined: Dec 2009
Posts: 96
We also keep copies of the IDs and scan them for CIP. I am interested in the pros and cons as well, I'm looking at procedure changes too.

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#1498022 - 01/20/11 08:56 PM Re: Who keeps copies of IDs for CIP? CompliKat
Kelsey D Offline
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Joined: Aug 2006
Posts: 516
Ohio
We don't keep copies anymore. It's much more efficient for our new account reps to enter the required fields into our core system at account opening than to scan a copy and send it to another department to be imaged into the file.
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#1498025 - 01/20/11 08:57 PM Re: Who keeps copies of IDs for CIP? Kelsey D
madukes Offline
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madukes
Joined: Jul 2009
Posts: 1,448
Flyers Country
any id taken at account opening is photocopied and then sent with the signature card for scanning.

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#1498115 - 01/20/11 09:47 PM Re: Who keeps copies of IDs for CIP? madukes
Doug Hendrickson Offline
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Doug Hendrickson
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We scan the documentation. If there are errors we discover later, they can be corrected by re-checking the source document directly.
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#1498140 - 01/20/11 10:09 PM Re: Who keeps copies of IDs for CIP? Doug Hendrickson
J2C Offline
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Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
Never took a copy and won't! Its not necessary.
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#1498256 - 01/21/11 02:06 PM Re: Who keeps copies of IDs for CIP? J2C
jross Offline
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Joined: Dec 2009
Posts: 184
TX
Do you have any paper documents for CIP purposes? How do you ensure that all of the information is correct?
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#1498288 - 01/21/11 02:32 PM Re: Who keeps copies of IDs for CIP? jross
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 4,210
New York City
We keep copies as well.
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"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#1498400 - 01/21/11 03:41 PM Re: Who keeps copies of IDs for CIP? ACBbank
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I could make arguments on both side of this subject, but there is one area that I do feel more passionate about. Retaining copies of identifying documents of alien clients has proven very beneficial through the years because of the need to review them repeatedly - as rules change, as system fields change and as you discover keying errors. It prevents having to go back to the client over and over again to update your records.

EX ID in PASSPORT FIELD: Mexican ID

It was actually a U.S. resident alien card for a Mexican citizen. Gee whiz.
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#1498786 - 01/21/11 08:42 PM Re: Who keeps copies of IDs for CIP? BrendaC
complylady Offline
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complylady
Joined: Jul 2002
Posts: 614
Michigan
We scan the identifying documents and make a copy for the file.

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#1498829 - 01/21/11 09:08 PM Re: Who keeps copies of IDs for CIP? complylady
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
I do see value in having an imaged copy, but for us, it's an efficiency issue. Our new account process is completely paperless, with the exception of the documents that get printed for the customer to take. It would be burdonsome to the new account reps and imaging department to scan the ID.
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Don't make me say, "I told you so!" Sincerely, your friendly Compliance Officer.

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#1498835 - 01/21/11 09:12 PM Re: Who keeps copies of IDs for CIP? Kelsey D
PeeWee Offline
Gold Star
Joined: Aug 2007
Posts: 254
Kelsey,

Do you use signature pads and if so, does it work well?

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#1498853 - 01/21/11 09:38 PM Re: Who keeps copies of IDs for CIP? PeeWee
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
Yes and yes.
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Don't make me say, "I told you so!" Sincerely, your friendly Compliance Officer.

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#1498863 - 01/21/11 09:48 PM Re: Who keeps copies of IDs for CIP? Kelsey D
BowlingQueen Offline
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Joined: Mar 2007
Posts: 2,920
Wisconsin
We scan IDs and enter all CIP directly into our system.
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#1498888 - 01/21/11 10:16 PM Re: Who keeps copies of IDs for CIP? BowlingQueen
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,470
Midwest
Our setup is the same as BowloingQueeen. We do not keep paper copies of IDs. They are scanned at account opening.

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