Academic journal article ABA Banking Journal

Handling Customer ID Duties with Foreign Firms

Academic journal article ABA Banking Journal

Handling Customer ID Duties with Foreign Firms

Article excerpt

Q. How should a bank verify the existence of a foreign business entity?

A. There really isn't one good way to do this, but for customer identification program (CIP) purposes, you must obtain all required information and verify that information. Documents may be in a Language other then English, and you may need to have someone who can read that Language confirm that the individuals presenting themselves as signers are authorized to conduct business on behalf of that entity.

Once you determine that all necessary information is received, you must make a good-faith effort to verify that information. Verification can be accomplished by such methods as verifying the business telephone Listing through international telephone information; the firm's listing in international or foreign commerce directories or trade publications; confirmation through foreign subsidiaries of your bank; verification through the entity's embassy Commercial Attache; or official documents provided by the business that confirms the existence and apparent validity of the business entity. …

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