In this time of banking, satisfying the CIP requirements is on the top of all financial institutions’ priority list. ABG Services Inc. accounts are solely “domestic” financial institutions and public advisors. The majority of our clients are either
FDIC-member financial institutions or are registered with SEC Exchange Commision and therefore must comply with all “CIP” requirements since they are regulated by federal and state agencies. ABG conducts a thorough review of all customers which are not financial institutions who subscribe to our services. We gather information and check it against the Office of Foreign Assets Control or “OFAC List” available on the FINRA website. If a person or entity is listed on this list, we will report these parties to the appropriate authorities.
When ABG develops a new financial institution account, we perform an evaluation on the institution using industry resources such as IDC, Shessonoff Rating Services, the FDIC website and NCUA website. All FDIC or NCUA Charted institutions must comply with CIP and the Patriot Act and section 103.121 (b) (2) (ii) (c) which states that domestic financial institutions are considered exempt domestic customers. Therefore, all exempt customers as defined in the U.S. Patriot Act that we refer to your institution would not have to be checked to avoid duplicate reviews. ABG will assist in obtaining whatever documents your institution may require to open certificate of deposit accounts. ABG does not clear funds that are referred to your institution, as the funds come directly to you from the referred accounts themselves. Please feel free to contact us for a full copy of our company’s AML policy.
ABG has always prided itself on dealing primarily with regulated entities, avoiding certain exposures that are associated with individuals and private companies. We service only companies whose information can be verified. Our goal is for a mutually beneficial relationship as well as an accurate representation of your organization.