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#155752 - 02/02/04 03:53 PM Third Party Pledge
Compliance Mom Offline
Junior Member
Joined: Apr 2003
Posts: 45
Tennessee
Would like to know others' policies on collecting CIP for 3rd party security pledges? Do you consider them as customers/account holders, subject to CIP? Thanks
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#155753 - 02/02/04 04:31 PM Re: Third Party Pledge
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
Pledgers, like guarantors, do not need the CIP applied, unless your risk assessment determines they should be. I can't speak for most of the banks represented here, but my sense is that most banks don't verify IDs for guarantors and pledgers.
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