Customer Identification Program (CIP)
Meet identity verification requirements across the customer lifecycle
Confidently identify your customers and provide a low-friction experience
Know your customer (KYC) policies must include a robust Customer Identification Program (CIP). Our identity verification solutions can be used across the entire customer journey from initial onboarding through portfolio management. We reduce risk of noncompliance and provide seamless authentication.
Our proprietary and partner data sources and flexible monitoring and segmentation tools allow you to resolve CIP discrepancies and fraud risk in a single step, all while keeping pace with emerging fraud threats with effective customer identification software.
Confidently verify customer identities
Automate customer identification to reduce manual intervention and verify with a reasonable belief that the identity is valid and eligible to use the services you provide.
Seamless authentication
Confidently resolve identity discrepancies using low friction step-up authentication processes.
Understand and anticipate customer activities
Implement ongoing monitoring to ensure that changes to identity data don’t introduce compliance risks.
We can help with your CIP compliance
- Help meet expectations associated with the Patriot Act, Red Flags Rule and Bank Secrecy Act/Anti-Money Laundering Acts.
- Leverage an automated workflow using the most diverse and reliable data in the industry as well as step-up authentication, including document verification.
- Help meet new regulatory guidelines that are pushing requirements deeper into commercial lending.
- Replace subjective decisions with automation using verification criteria that’s customized to your business.
- Bundle identity verification with Experian fraud-risk assessment products to consolidate vendors and transaction costs.
- Focus on growth and verify emerging populations beyond what’s available in traditional consumer credit data.
Our tools can help you
- Satisfy compliance regulations and leverage consulting on how to use regulations to become a source of competitive advantage.
- Access identity verification tools in a manner that suits your business in real time or through batch processing services.
- Make fast and easily interpreted identity verification decisions.
- Confidently resolve identity discrepancies without causing customer friction.
- Use our entire breadth of data sources to gain a complete picture of each of your applicants’ or customers’ identities.
- Enable your customer identification program and risk-based procedures.
Frequently asked questions
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 nefarious activities. Since May 2018, changes to CIP require identity verification of beneficial business owners and require CIP programs to cover events that trigger reverification.
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.
KYC goes beyond CIP to include the assessment of fraud risk in new and existing customer accounts. Financial institutions are required to incorporate risk-based procedures to monitor customer transactions and detect potential financial crimes or fraud risk. KYC policies help determine when suspicious activity reports (SAR) need to be filed with the Department of Treasury’s FinCEN organization. The following organizations have KYC oversight: Federal Financial Institutions Examinations Council (FFIEC), Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB).
According to the FFIEC, a KYC program should include:
- Customer Identification Program (CIP): Identifies processes for verifying identities and establishing a reasonable belief that the identity is valid
- Customer due diligence: Verifying customer identities and assessing the associated risks of doing business
- Enhanced customer due diligence: Significant and comprehensive review of high-risk or large transactions and implementation of a suspicious activity-monitoring system to reduce risk to the institution
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