FDIC Due Diligence:Processes and Information
We want to offer the best CD interest rates in a low risk environment. All ALMR subscribers are subject to a thorough review before deposit referral services. All necessary information is gathered and checked against the Office of Foreign Assets Control (OFAC List) available on the FINRA website. Necessary persons or entities found on this list will be reported to the appropriate authorities. When ALMR develops a new institutional account, a thorough background check of the institution is performed by using industry resources such as IDC, Shessonoff Rating Services, the FDIC website and/or the NCUA website.
All FDIC- or NCUA-chartered institutions must comply with CIP and the USA Patriot Act and section 103.121 (b) (2) (ii) (c), which states that domestic financial institutions are considered exempt domestic customers. Thus, all exempt customers, as defined in the USA Patriot Act, who we refer would not have to be rechecked to avoid duplicate reviews. ALMR will assist you in obtaining whatever documents your institution may require when opening any certificate of deposit accounts. ALMR does not clear funds that are referred to your institution. Please feel free to contact us for a full copy of ALMR Services' policy.
- All FDIC-member financial institutions are regulated by the FDIC and are required to comply with CIP regulations.
- Public funds: The funds acquired through this program are at no cost and fall under the exempt status outlined in the USA Patriot Act. Due diligence is done by the registered financial advisor to meet CIP guidelines. A copy of this procedure can be provided upon request.
- NCUA-member financial institutions: Since state and federally regulated credit unions are controlled by the state they reside in or NCUA, these are required to comply with CIP regulations.