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Customer Identification Procedures

Banks are required to clearly spell out the Customer Identification Procedure to be carried out at different stages i.e. while establishing a banking relationship; carrying out a financial transaction or when the bank has a doubt about the authenticity/veracity of the adequacy of the previously obtained customer identification data.

Financial institutions need to conduct a risk assessment of their customer base and product offerings, and in determining the risks, consider:

  • The types of accounts offered
  • The methods of opening accounts.
  • The types of identifying information available
  • The institution’s size, location, and customer base

Example of Software used for CIP: