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US008214265B2 (12) United States Patent (10) Patent N0.: (45) Date of Patent: Peters (54) (56) INDIRECT CUSTOMER IDENTIFICATION SYSTEM AND METHOD US 8,214,265 B2 Jul. 3, 2012 References Cited U.S.

How to fill out indirect customer identification system

1. Familiarize yourself with the requirements: Before filling out the indirect customer identification system, it is important to understand the specific requirements and guidelines set by your organization or the relevant regulatory body.
2. Gather necessary information: Collect all the necessary information about the customer that is required for identification purposes. This may include personal details such as name, address, date of birth, and identification documents like passport or driver's license.
3. Verify the information: Ensure that the provided information is accurate and matches the supporting identification documents. This step is crucial to ensure the reliability and authenticity of the identification process.
4. Document the process: Keep a record of the steps followed and the information collected during the indirect customer identification process. This documentation is important for audit purposes and compliance with regulatory requirements.
5. Safeguard customer data: As you handle sensitive customer information, it is crucial to follow data protection and privacy measures to ensure the security of the collected data. Store customer details securely and implement appropriate data protection practices.
6. Regularly update information: Maintain an up-to-date record of the customer's identification information. Periodically review and update the data as required, especially in cases where identification documents expire or customer details change.
7. Train employees: It is important to provide adequate training to employees involved in the indirect customer identification process. Educate them about the importance of customer identification, the process to be followed, and any updates or changes in the relevant regulations.
8. Monitor compliance: Implement a monitoring system to ensure ongoing compliance with the indirect customer identification system. Regularly review the process, assess its effectiveness, and make improvements as necessary.

Who needs indirect customer identification system?

1. Financial institutions: Banks, credit unions, and other financial service providers often require an indirect customer identification system to comply with anti-money laundering (AML) and know your customer (KYC) regulations.
2. Money service businesses: Money transfer companies, payment processors, and currency exchange businesses also need to implement indirect customer identification systems to prevent fraud and money laundering activities.
3. Online platforms and marketplaces: Platforms that facilitate online transactions, such as e-commerce websites or peer-to-peer lending platforms, may require an indirect customer identification system to establish the identity of their users and ensure secure transactions.
4. Regulated industries: Various regulated industries, such as insurance companies, securities firms, and real estate agencies, may need to adopt an indirect customer identification system to fulfill their legal obligations and regulatory requirements.
5. Government agencies: Government organizations involved in financial transactions, tax collection, or welfare distribution may also implement indirect customer identification systems to verify the identity of individuals and ensure compliance with government regulations.

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What is indirect customer identification system?

The indirect customer identification system is a process used by businesses to verify the identity of their customers through third-party sources, such as credit bureaus or government databases.

Who is required to file indirect customer identification system?

Certain financial institutions and businesses subject to anti-money laundering regulations are required to file an indirect customer identification system.

How to fill out indirect customer identification system?

To fill out an indirect customer identification system, businesses typically collect information on their customers from third-party sources and verify their identity using this information.

What is the purpose of indirect customer identification system?

The purpose of an indirect customer identification system is to prevent money laundering, terrorism financing, and other illicit activities by verifying the identities of customers.

What information must be reported on indirect customer identification system?

The information reported on an indirect customer identification system may include customer name, address, date of birth, and identification number.

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