{"id":25286,"date":"2013-05-16T14:30:11","date_gmt":"2013-05-16T09:00:11","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=25286"},"modified":"2024-04-12T14:18:05","modified_gmt":"2024-04-12T08:48:05","slug":"customer-identification","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/customer-identification\/","title":{"rendered":"Customer Identification"},"content":{"rendered":"<p><a class=\"vsc\" href=\"http:\/\/www.vskills.in\/certification\/Certified-AML-KYC-Compliance-Officer\"><span class=\"vsc-cn\" style=\"text-align: center;\"><span style=\"color: red;\">Certify and Increase Opportunity.<\/span><br \/>\n<span style=\"color: green;\">Be <\/span><br \/>\nGovt. Certified AML\/KYC Compliance Officer<br \/>\n<\/span><\/a><\/p>\n<h2>Customer Verification<\/h2>\n<p>The CIP must contain risk-based procedures for verifying the identity of the customer within a reasonable period of time after the account is opened. The verification procedures must use &#8220;the information obtained in accordance with\u00a0[31 CFR 103.121] paragraph (b)(2)(i),&#8221; namely the identifying information obtained by the bank. A bank need not establish the accuracy of every element of identifying information obtained, but it must verify enough information to form a reasonable belief that it knows the true identity of the customer. The bank\u2019s procedures must describe when it will use documents, nondocumentary methods, or a combination of both.<\/p>\n<h2>Who is a customer?<\/h2>\n<p>The AML\/CTF Rules set different identification and verification requirements for different types of customers:<\/p>\n<ul>\n<li>individuals (including sole traders)<\/li>\n<li>companies (both domestic and registered foreign companies)<\/li>\n<li>trustees<\/li>\n<li>partnerships<\/li>\n<li>incorporated and unincorporated associations<\/li>\n<li>registered co-operatives<\/li>\n<li>government bodies.<\/li>\n<\/ul>\n<h2><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/tutorial\/wp-content\/uploads\/2013\/05\/images13.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28317 alignleft\" src=\"http:\/\/vskills.in\/certification\/tutorial\/wp-content\/uploads\/2013\/05\/images13.jpg\" alt=\"images\" width=\"215\" height=\"234\" \/><\/a><\/h2>\n<h2>When does a customer need to be identified?<\/h2>\n<p>A reporting entity must verify a customer&#8217;s identity before providing a &#8216;designated service&#8217; to the customer. Designated services are listed in section 6 of the AML\/CTF Act.<\/p>\n<p>In special cases, an identification procedure may be carried out after providing a designated service. Currently the\u00a0<em>Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)<\/em>\u00a0(AML\/CTF Rules) provide special circumstances for certain online gambling services.<\/p>\n<div class=\"apply\">\n<h3>Apply for AML- KYC Certification Now!!<\/h3>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/Certified-AML-KYC-Compliance-Officer\">http:\/\/www.vskills.in\/certification\/Certified-AML-KYC-Compliance-Officer<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Certify and Increase Opportunity. Be Govt. Certified AML\/KYC Compliance Officer Customer Verification The CIP must contain risk-based procedures for verifying the identity of the customer within a reasonable period of time after the account is opened. The verification procedures must use &#8220;the information obtained in accordance with\u00a0[31 CFR 103.121] paragraph (b)(2)(i),&#8221; namely the identifying information&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3356],"tags":[4318],"class_list":["post-25286","page","type-page","status-publish","hentry","category-aml-kyc-2","tag-customer-identification"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Customer Identification - Tutorial<\/title>\n<meta name=\"description\" content=\"The CIP must contain risk-based procedures for verifying the identity of the customer within a reasonable period of time. 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