BSA/AML: CIP Advanced
Course Number: ABA
Course Code: ABA
Explains the additional CIP steps to take at account opening to identify customers and confirm that their activities and funds are legitimate. Describes the documentation and enhanced due diligence the bank may require for non-U.S. persons, and risks to the bank when offering services to higher risk entities.
What You’ll Learn
After completing this course, students will be able to:
- Describe the advanced procedures to take to identify customers who are not individuals and their banking practices
- Identify the types of identification and verification needed when opening accounts for the following entities:
- Business accounts
- Non-U.S. persons
- Non-Bank Financial Institutions (NBFIs) and Money Service Businesses (MSBs)
- Private banking and politically exposed persons (PEPs)
- Foreign correspondent accounts
- Explain how existing CIP requirements apply to prepaid cards
Audience: Any bank staff establishing relationships with business customers, private bankers, and commercial lenders.