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Customer ID Program

CIP

Verify & Document the identity of customers opening new accounts

 

Customer Due Diligence

CDD

Verify identity with Documentary means & Non-documentary means
Enhanced Due Diligence

EDD

Required for correspondent & offshore financial institutions

 

Customer Identification Program

Pangeodata provides Compliance Officers and Designees with all the data sources required to meet the demands of Customer Identification Programs (CIP). Our Due Diligence services provide the verifications and data searches required for Bank Secrecy Act (BSA), OFAC, US Patriot Act, and FinCEN Compliance.

  • Bank Secrecy Act (BSA)
  • OFAC
  • US Patriot Act
  • FinCEN

OFAC Sanctions List

Pangeodata searches OFAC lists to meet basic compliance requirements of CIP:

  • OFAC Specially Designated Nationals List (SDN)
  • OFAC Consolidated Sanctions List

 

Non-documentary Methods

Pangeodata offers varied choices for basic ID verification based on whether the customer has required documents. Methods for Non-documentary ID verification include:

  • Data ID Number Search
  • Financial References
Documentary Method

Best practices dictate CIP identification verification through a documentary method. Pangeodata offers the world’s leading edge innovation products for ID verification through documentary methods:

  • CatfishID
  • CatfishAIR
  • ValidID
  • Vix Verify
  • Vix Verify Biometrics
Report
  • Compliant Turnaround Time
  • Minimum five-year (5) retention
  • AML requirement reports format
  • Annual employee training as required by CIP
  • Ongoing monitoring
Private Banking

Private Banking must run a Politically Exposed Persons (PEP) search for any non-U.S. citizen account holder and immediate family

Ongoing Monitoring

For both customer and any principals or signatures on the account ongoing monitoring of:

  • OFAC
  • PEP
  • Due Diligence Sanctions search

Customer Due Diligence

An indication a customer ID verification should be escalated is if they have transactions involving high-risk jurisdictions.

 

Customer ID Due Diligence

For both customer and any principals or signatures on the account:

  • Verify Occupation
  • Academic Verification
  • Professional Licenses
  • Regulated Industry Sanctions
  • Criminal History
  • Credit Report
Business Credit Standing

For both customer and any principals or signatures on the account:

  • Credit References
  • Business Credit Reports
  • Banking References
Corporate Structure
  • Verify ownership & principals
  • Verify type of business
  • Verify registration in country
  • Verify license to do business
Additional searches
Ongoing Monitoring

For both customer and any principals or signatures on the account ongoing monitoring of:

  • OFAC
  • PEP
  • Due Diligence Sanctions search

Enhanced Due Diligence

A higher level of search and verification on customers that pose a high-risk:

  • An offshore banking license
  • A banking license issued by a foreign country designated as non-cooperative with international AML principals and procedures
  • A banking license issued by a foreign country that has been designated  by the Secretary of the Treasury as warranting special measures due to money laundering concerns

 

Nominal Holders ID

All searches conducted on the customer in basic CIP and Due Diligence should be conducted on any nominal holder and holders of beneficial ownership interest

Membership & Licensing
  • Corporate and individual membership in trade associations
  • Professional or corporate licensing above what is required to do business
Onsite Visit

Pangeodata sends a representative to the customer’s place of business to verify the address, operations, and as well as any documents with photographs

Country Records Search

Countries vary as to what is accessible or verifiable. This search is to look at a country individually and search all government and any records available in that country or region.

Expanded Searches

Local Language Media Search

Social & Adverse Media Search

Put Pangeodata to work for you Go Global

Customer ID Program

FinCEN requires Financial Institutions comply with Customer Identification Program (CIP) rule.

 

Customer Due Diligence

CDD escalates the CIP basic verification and used for a higher risk concern.

Enhanced Due Diligence

Used for customers, CIP, that poses a higher risk of money laundering or terrorist activity.

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