CIP/OFAC Process
- Gints Vaskums
- Mercedes Rothwell
- Brian Lee Newman
Introduction: Firms are required to perform a CIP/OFAC check on new clients. They're also obligated to perform these checks periodically. Docupace supports a solution of CIA and OFAC testing with SIGNiX. This guide describes the CIP/OFAC process for verifying clients in Docupace.
Change Log:
Date | Changes |
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March 2022 December 2022 | Initial version. Documentation updated with the latest changes. |
Audience: Back Office and Financial Professionals.
Functionality: This guide describes the step-by-step process for performing CIP/OFAC verification.
Definitions
The Customer Identification Program'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
Verification process
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.
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Open the CIP Verifications domain. | 
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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. |
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