The QI obtains the know-your-customer documentation specified in its QI agreement for such beneficiaries/owners (other than a Form W-8, Instructions for the Requesters of Forms W-8BEN, W-8ECI, W8EXP, and W-8IMY); and
A company in the business of providing fiduciary services as a trustee and subject to approved know-your-customer rules may obtain QI status.
Informally, the trade press has reported, examiners have been instructing banks for years to set up know-your-customer policies, and by now most banks are collecting information on their customers' transaction patterns and, increasingly, combining such information into "profiles" of account activity.
On the other hand, many big banks, which have generally implemented know-your-customer programs already, seem to be on board with the plan; so does the American Bankers Association.
Before that, he held numerous senior management positions during a 10-year career at The Chase Manhattan Bank, New York, where he was responsible for anti-money laundering and know-your-customer
initiatives and compliance program management.
Alacra Compliance helps financial institutions employ a consistent, comprehensive and documented process for Customer Identification Programs (CIP), Know-Your-Customer
(KYC) efforts and Enhanced Due Diligence (EDD).
Our partnership with LAS allows our customers to feel confident that they are fulfilling their know-your-customer
requirements," said Larry Levy, president and CEO of Semagix.
Many broker-dealers currently use a highly manual approach to collect this identity-based information and manage know-your-customer certifications.
In this era of know-your-customer, compliance certification is a natural extension to Communicator's customer verification platform," observes Michael Haney, senior analyst with research and advisory firm Celent.
documentation for new know-your-customer