In the US, it is a requirement for all financial institutions to have a Customer Identification Program (CIP) to verify the identity of their customers. Also known as KYC (Know Your Customer), the CIP requirement is part of the BSA and to comply, financial institutions must verify the identity of customers, screen them against Sanctions and PEP lists to determine if they are known or suspected to be involved in terrorism, fraud or any other financial crime, and report anything suspicious to the authorities. As part of the CIP/AML requirements, financial institutions must keep records of all checks that have been conducted and continue to monitor all customers for any changes to their status, and establish any new or increased risk they pose.
SmartSearch is a fully comprehensive CIP; it can identify and verify customers, screen them against lists of sanctions and PEPs and monitor them on an ongoing basis. It will automatically store the results of all checks and can be used as a standalone system or be integrated into a financial institution’s existing system making customer onboarding quick and easy.