CIP & Red Flags Flashcards
What 3 information sources are used to verify a member’s identity at the time of account opening?
Government-issued photo ID
Chexsystems Report
TransUnion credit bureau report
How are new members notified of our customer identification policy before they open an account?
Lobby notice
Notice posted on our website
Notice on account applications
True or False: The Credit Union will not enter into an account relationship if we cannot form a reasonable belief that we know the true identity of the account owner(s).
TRUE!
How are members verified over the phone?
Authenticate through the automated system - if they are unable to authenticate through this system then: Verify codeword. If no code word exists, then use TWO of the following: Mother’s maiden name, date of birth, last 4 of social security number.
How are members verified in person?
Verify government-issued photo ID - if not saved to Episys or saved copy is expired, update the ID using ApplicationXtender.
If a member appears in person but provides an ID that appears to be forged or altered, what red flag is used?
Category 4 - High
If a member is unable to verify as needed over the phone, what red flag is used?
Category 4 - High
What are the 4 most common discrepancies in member information when validating the member’s government issued ID, ChexySystems report, and Credit Bureau report?
Name discrepancy
Address discrepancy
Date of birth discrepancy
SSN discrepancy
What secondary documentation can be used to verify a member’s address?
- Current Vehicle registration
- Pay Stub or earnings statement
- Utility Bill or Phone Bill
- Current Insurance Documents or Cards
- Mortgage or Retirement Statement
- Prior year 3rd party issued Tax Form or Property Tax Bill
- Prior Semester School Transcript or Report Card
- Government issued document
- Periodic Bank or Credit Card Statement
- Printed Rent Receipt showing the address, along with any other 1st Class Mail Postmarked
What secondary documentation can be used to verify a member’s date of birth?
- Original or Certified copy of birth certificate
- Passport
- Current Paystub w/DOB
- School ID w/DOB
- Military ID: DO NOT COPY
What secondary documentation can be used to verify a member’s legal name?
- SSN card
- Passport
- Marriage License
- Divorce Decree
- Vehicle Registration
- Voter Registration
- Employee ID
- Student ID
- 3rd party issued tax statement
- Prior semester transcript or report card
- Payroll stub with matching address
- Original or certified copy of a birth certificate
- Original/certified court document showing legal name change within last 3 months. If greater than 3 months, must provide updated ID
- Military ID: DO NOT COPY
What secondary documentation can be used to verify a member’s SSN?
- Social Security card
- Payroll check stub with full social security number
- Prior year 3rd Party issued tax form showing full SSN
Any second form of acceptable government issued photo ID with full SSN
What are examples of acceptable government issued photo ID’s for US Individuals?
- Driver’s License
- State Issued ID (not employee ID)
- US Passport
- US Military ID
What are examples of acceptable government issued photo ID’s for Non-US Individuals (Resident Alien)?
- Driver’s License
- Alien Registration Card
- Permanent Resident Card
- Foreign Passport
- Other government issued document showing residence, photo, and nationality
*Do not accept a “Matricula Consular card” (issued by Mexico to its citizens residing in the United States)
