Thread Starter: Anonymous
Title: Re: Address Maintenance
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If you have an existing relationship with a borrower or depositor and their address becomes invalid, what action is required?
I have a CD secured loan that has reached maturity. The instrument is open-ended and still has an outstanding balance. Payments are still being made to the loan but the phone number and address on file are no longer valid. We receive return mail and the number is disconnected. Is this a red flags issue, a CIP issue, a combined issue? What steps should be taken to ensure compliance?
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