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Introduction: Firms are |
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Table of Contents
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Change Log:
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Date
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Changes
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March 2022
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Initial version.
Audience: Back Office and Financial Professionals.
Functionality: This guide describes the step-by-step process for performing CIP/OFAC verification.
Definitions
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requProgram’s (CIP) goal is to confirm an applicant’s identity by corroborating input data with various sources of data. The input data that ID verification receives may include: |
social security number (SSN)
name
address
date of birth (DOB)
phone number
driver’s license
email.
The Office of Foreign Assets Control (OFAC) is part of the US Department of the Treasury. This office administers and enforces economic and trade sanctions based on US foreign policy and national security goals against the following types of individuals or groups:
targeted foreign countries and regimes
terrorists
international narcotics traffickers
those engaged in activities related to the proliferation of weapons of mass destruction
other threats to the national security, foreign policy, or economy of the United States.
Preparing for the verification
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Click New Client or open an Existing Client | Image Modified |
Create or select an existing client. Fill out Client Details. First Name* (1) Last Name* (2) SSN* (3) Date of Birth* (4) Address (5) Email (6) Driver’s Licence # (7) Issue Date (8)
*Mandatory Fields | Image Modified |
The next steps are: | Image Modified |
Click Create Work Item. | Image Modified |
Upon transitioning Work Item to the Back Office, the user needs to complete the CIP/OFAC Form. | Image Added |
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Verification process
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Transition work item The client's data will be sent for CIP/OFAC check upon |
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the user selecting the "CIP/OFAC Verification" transition in the workflow. The action and validations to initiate the CIP/OFAC check can be configured at any step in the workflow. Tip |
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Pass: If it passes through, it will continue in the standard workflow. |
Warning |
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Fail: If it fails, it will go to another queue for manual review by another user group. |
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Open the Work Item > CIP Verifications section, and click the Pencil icon. | Image Modified |
The critical fields (SSN, DOB, Address, DL) must pass the verification. The verification status must be Verified (1). Fields that passed the verification have the value OK (2). Other fields affect the score value (4) used for manual validation. CIP and OFAC check results are displayed in the Remarks field (3). If the verification is successful, the workflow continues. Info |
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Note: Not all the information can be verified, e.g., the email address can pass the verification, but the address holder cannot always be verified. |
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Image Added | If the verification fails (marked fields), workflow continues in a different queue (e.g., CIP fill queue). In this case re-check the entered values, and click Resubmit for CIP/OFAC Verification (5), or click Manual CIP/OFAC Review (6) to send it for manual review by another user group. |
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Additional Information about the CIP Verifications Domain
The CIP Verifications domain lists details on all the accounts or clients that the system sent for verification. If the verification is failed, a brief description of the reasons is added.
Go to Administration > List Domains. | Image Modified |
Open the CIP Verifications domain. | Image Modified |
The verification information (Verified/Fail, Tax ID status/results, Date of Birth status/results, etc.) can be stored in the Client Folder, Subfolder, or Work Item. | Image Modified |