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EDD/KYC, including Beneficial Owners Certification and tracking

BSA/AML compliance starts the minute a new customer/member walks through the door. Once the bank has established the type and purpose of the account the customer/member wants to open, it is required to properly identify the customer/member. The customer/member Identification Program (CIP) rule requires the bank to obtain the name, date of birth, address, and an identification number of the customer/member and then independently verify the customer/member’s identity. Now if it is a corporation, institutions need to determine beneficial owners of the account based on their percent ownership of the corporation.

New account on boarding – Benefits

  1. ID verification through Transunion
  2. improve efficiency with “twain” compliant scanners to read DL information reducing the need to re input information,
  3. store copy if ID used to open the account,
  4. ability to use other third party programs to research customer/members and to integrate this information into a single source for use throughout the BSA Tracker
  5. Comply with beneficial ownership requirements.
    1. Collect and safely store beneficial ownership certifications
    2. Stores the original Beneficial Ownership certifications as well as each updated form
    3. The inclusion of beneficial ownership records to existing OFAC scans,
    4. Incorporate beneficial ownership to overall risk assessment
    5. The ability to aggregate cash on common beneficial owners in addition to conductor and beneficiary TINs