We are looking to finally start opening deposit accounts online. I was wondering what everyone else is doing to make sure they are compliant for CIP. How do you make sure you have a reasonable belief that you know the customer who is opening the account online? What do you do to verify the information you obtain from them? We want to be able to do the complete process online, nothing by mail and not make them come in.

Can anyone give me there ideas please.
Thanks,

Same issue, different question. For all of you that open deposit accounts on-line. Do you use a third party vendor or software to help verify identify? If yes, who do you use?

We were in the initial stages prior to our upcoming merger and we were going to use a third party. I can't imagine being able to manage account opening online without third party database screens to identify red flags.

PLF, as part of the identification process your vendor should discuss with you out of wallet questions that the applicant would be prompted to respond to. Info taken from the credit reports. Also, consider using non-documentary procedures. For example, send a welcome letter and document this as a procedure in your CIP. If letter is returned, flags should go up and relationship/applicant needs immediate investigation. Enjoy!