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
- ID verification through Transunion
- improve efficiency with “twain” compliant scanners to read DL information reducing the need to re input information,
- store copy if ID used to open the account,
- 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
- Comply with beneficial ownership requirements.
- Collect and safely store beneficial ownership certifications
- Stores the original Beneficial Ownership certifications as well as each updated form
- The inclusion of beneficial ownership records to existing OFAC scans,
- Incorporate beneficial ownership to overall risk assessment
- The ability to aggregate cash on common beneficial owners in addition to conductor and beneficiary TINs