What is CIP?
Customer Identification Program (CIP) refers to regulatory requirements that require financial institutions to verify the identities of their customers. CIP is part of a larger set of regulatory requirements aimed at preventing the U.S. financial system from being used to perpetrate fraud, launder money, finance terrorism and other bad stuff. In May 2018 changes to CIP require identity verification of beneficial business owners and require CIP programs to cover events that trigger reverification.
Through working with our team, we can help you: decrease the need for manual intervention, access verification data in real time, define a “match” for identity elements, execute step-up authentication when necessary, and consolidate the costs related to CIP and fraud risk scoring.