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#646925 - 12/05/06 01:52 PM CIP and Online Account Opening.
complianceman Offline
Platinum Poster
complianceman
Joined: Mar 2005
Posts: 687
New Albany, IN
If a FI has never opened accounts in a manner other than face-to-face, what is the process of transitioning to an online account opening process for CIP? I know that a risk assessment needs to be conducted and we are going to utilize our current risk assessment for accounts opened in our "identified" area and anything accounts opened for parties outside our area will initially be high risk. With that being said, we will required the consumer requesting to open an account to supply the four primary CIP items, Legal Name, Physical Address, TIN, and DOB (for individuals), but what do others obtain to conduct a documentary verification? Or do you just use non-documetary means to verify accounts opened online?
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BSA/AML/CIP/OFAC Forum
#646963 - 12/05/06 02:44 PM Re: CIP and Online Account Opening. complianceman
DeeQ Offline
10K Club
DeeQ
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
We are in the process of the doing the same... please, someone speak up...
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Get your facts first, then you can distort them as you please. - Mark Twain

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#648618 - 12/07/06 05:09 PM Re: CIP and Online Account Opening. DeeQ
IronWill Offline
New Poster
Joined: Nov 2006
Posts: 11
Florida
My bank is on the verge of doing the same thing. Any help and direction would be greatly appreciated.
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His judgement cometh....and that right soon.

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#648926 - 12/07/06 08:49 PM Re: CIP and Online Account Opening. complianceman
DRN Offline
Junior Member
Joined: Jan 2003
Posts: 36
Virginia
We are also moving in the direction of online account opening and I would also like to hear from other banks to find out what they did to reduce the increased risk (especially how or what they used to verify identity).

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