Eliminating user friction with a non-documentary customer identification program
Improve your FI’s user experience with a streamlined digital account opening solution
As any reputable financial institution (FI) knows, to have a successful deposits program, you must first establish your FI’s Customer Identification Program (CIP). CIP verifies the applicant’s identity, a crucial component of any Bank Secrecy Act (BSA) and Anti Money Laundering (AML) framework.
According to the FDIC, CIP is, “the minimum standard for financial institutions and their customers regarding the identity of the customer that shall apply in connection with the opening of an account at a financial institution.” CIP is an explicit provision under the USA Patriot Act with six general elements. The FDIC defines these requirements as the following:
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