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How to Conduct CIP on a Person Abroad

Answered by: 
John Burnett

Question: 
We have a new business customer who is opening an account with two signers. One is a local person, the other is abroad permanently. What would be the proper way to conduct CIP on a person abroad?
Answer: 

First, look to your bank's CIP and how it addresses businesses with authorized signers. Does it call for subjecting signers to the process? Then figure out what your policy says about identifying non-present individuals. Do you have procedures for verifying identity for service members who are deployed overseas? Perhaps with some minor tweaks, you can assemble a procedure for this situation.

First published on BankersOnline.com 9/5/11

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First published on 09/05/2011

Filed under: 
Security
Filed under security as: 
Authorized Signers
CIP
IT

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