CIP / OFAC
Under the Financial institutions Customer Identification Program (CIP), banks and credit unions are required to verify a new customer’s name, address, date of birth and Social Security number.
Furthermore, the events of September 11, 2001 increased the diligent need for financial institutions to monitor transactions performed by or through them to better comply with the economic and trade sanctions enforced by the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury. This includes identifying whether accounts are opened by persons listed on specific OFAC watch lists. FlexAccounts provides integration with these lists to perform OFAC checks during the account-opening process and provide the appropriate tracking/reporting to satisfy audit requirements.