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Red Flags for Identification

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When obtaining identification from new account holders, sometimes the address is different than the current address they are giving us. How can we validate that the current address is correct, and what documentation should we expect them to have to support the new address?

It's really quite common for addresses on ID documents to be out of date. Ours is one of the most mobile societies after all, and people aren't always prompt about filing address changes with, for example, Departments of Motor Vehicles, and they often have to use their current licenses with self-completed address change labels until re-issue time.

What you use to reconcile the ID document with the address you've been given really ought to be flexible enough to cover most significant scenarios. If you're near a military base, you might look at a copy of change of station orders. If you're near a college campus, how about a copy of a class registration or rooming assignment document? Other documents could include a copy of a lease for a new apartment or a HUD-1 Settlement Statement for a new home (which should show the street address). You might also consider accepting a utility bill in the customer's name that shows the street address.

If you will use or accept other documents to assist in verifying new customers' identity, however, be certain that their use is approved by your bank's CIP.

First published on 6/21/10

First published on 06/21/2010

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