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The Customer Identification Program is intended to enable the bank to form a reasonable belief that it knows the true identity of each customer. The CIP must include new account opening procedures that specify the identifying information that will be obtained from each customer.
In enforcing this rule these organizations are expected to collect all information essential to knowing their customers. Information deemed necessary for enforcing Know Your Customer Requirements include the Customer Identification Program (CIP), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD). [2]
Verification is intended to check that a product, service, or system meets a set of design specifications. [6] [7] In the development phase, verification procedures involve performing special tests to model or simulate a portion, or the entirety, of a product, service, or system, then performing a review or analysis of the modeling results.
An identity verification service is used by businesses to ensure that users or customers provide information that is associated with the identity of a real person. The service may verify the authenticity of physical identity documents such as a driver's license , passport , or a nationally issued identity document through documentary verification.
The plan–do–check–act cycle is an example of a continual improvement process. The PDCA (plan, do, check, act) or (plan, do, check, adjust) cycle supports continuous improvement and kaizen. It provides a process for improvement which can be used since the early design (planning) stage of any process, system, product or service.
Business process mapping, also known as process charting, has become much more prevalent and understood in the business world in recent years. Process maps can be used in every section of life or business. The Major Steps of Process Improvement using Process Mapping Process identification - identify objectives, scope, players and work areas.
Continued process verification (CPV) is the collection and analysis of end-to-end production components and processes data to ensure product outputs are within predetermined quality limits. In 2011 the Food and Drug Administration published a report [ 1 ] outlining best practices regarding business process validation in the pharmaceutical ...
Process validation is the analysis of data gathered throughout the design and manufacturing of a product in order to confirm that the process can reliably output products of a determined standard. Regulatory authorities like EMA and FDA have published guidelines relating to process validation. [ 1 ]