Compliance Alliance

Post Compliance Services
Compliance Alliance

Membership Development Team
Bankers Alliance
P. O. Box 162407
Austin, TX 78716
Phone:  (888) 353-3933
Email
Website
Membership Contact Form

An expertly-staffed hotline, federal regulatory tools, policies and procedures, and unlimited reviews for small-to-medium community banks across the U.S. — the only all-inclusive banking compliance advisory. C/A’s nearly 1700 products and tools support 48 separate bank compliance areas –an unlimited-access Bank Compliance Library – conforms to the most recently published federal banking rules and regulations. Whether you are building institutional exam-readiness or a bank compliance program, C/A has all the resources, access, and availability for one membership subscription. Co-owned by the Virginia Bankers Association and 28 other state bankers associations across the country. Contact C/A’s Membership Development Team at (888) 353-3933 or at: info@compliancealliance.com. To learn more about C/A’s new Virtual Compliance Officer service or call (833) 683-0701.

Compliance Alliance Featured Q&A

Question:

If an individual named as a beneficial owner of a new legal entity account is an existing customer of the covered financial institution subject to the financial institution’s CIP, is the bank still required to identify and verify the identity of this individual or may it rely on the CIP verification of the individual that it previously performed?

Answer:

In general, banks must identify and verify the identity of beneficial owners of their legal entity customer at the time of account opening. If the beneficial owner, however, is an existing customer of the bank who is subject to the bank’s CIP then the bank may rely on information in its possession to fulfill the CIP identification and verification requirements, provided that the existing information in the bank’s possession is up-to-date, accurate, and the legal entity customer’s representative certifies the accuracy of the pre-existing CIP information either verbally or in writing.

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