(A) New covered accounts. In order to detect any of the red flags identified in § 39.58 associated with the opening of a new covered account, village personnel will take the following steps to obtain and verify the identity of the person opening the account:
(1) Require certain identifying information such as name, date of birth, residential or business address, principal place of business for an entity, driver’s license or other identification;
(2) Verify the customer’s identity (for instance, review a driver’s license or other identification card);
(3) Review documentation showing the existence of a business entity; and
(4) Independently contact the customer.
(B) Existing covered accounts. In order to detect any of the red flags identified in § 39.58 for an existing covered account, village personnel will take the following steps to monitor transactions with an account:
(1) Verify the identification of customers if they request information (in person, via telephone, via facsimile, via email);
(2) Verify the validity of requests to change billing addresses; and
(3) Verify changes in banking information given for billing and payment purposes.
(Res. 2008-1031, passed 11-5-08)