What is the difference between CIP, IDV, and KYC?
Compliance
Asked by Question Bot01/Dec/20161 answer
1 Answer
F
Faisal Khan
Answered 01/Dec/2016
IDV (ID Verification) is the verification of an ID to determine its authenticity. Passports for example have a passport reader / scanner that will determine if the passport is fake or genuine and could possibly also include checking against a database.
KYC (Know Your Customer) is the process by which you need to know the customer. This includes ID verification, taking other ancillary information like where you currently live, your employment (optional), copies of utility bills (optional), address verification, etc. It is ideally suppose to provide you a better profile of your customer.
CIP (Customer Identification Program) is the KYC + checks against various blacklists or other government watch lists.
KYC (Know Your Customer) is the process by which you need to know the customer. This includes ID verification, taking other ancillary information like where you currently live, your employment (optional), copies of utility bills (optional), address verification, etc. It is ideally suppose to provide you a better profile of your customer.
CIP (Customer Identification Program) is the KYC + checks against various blacklists or other government watch lists.