ABG DUE DILIGENCE PROCEDURE
ABG conducts a thorough review of all customers who subscribe to our services. We gather the necessary information and check it against the Office of Foreign Assets Control (OFAC List) available on the FINRA website. If a person or entity turns up on this list, we will report these parties to the appropriate authorities. When ABG develops a new institutional account, we perform a background check on the institution by using industry resources such as IDC, S&P Global, 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. Therefore, all exempt customers as defined in the USA Patriot Act that we refer to your institution would not have to be rechecked to avoid duplicate reviews. Even though this is stated in the regulation ABG will assist you in obtaining whatever documents your institution may require when opening certificate of deposit accounts. ABG does not clear funds that are referred to your institution. Please feel free to contact us for a full copy of our company’s AML policy.
Why Use ABG Funding Programs?
PLEASE NOTE: Only well capitalized banking institutions should utilize a referral service to help meet liquidity shortfalls. Special funding such as referred deposits should fit into your institution’s overall AML strategy. There should not be any particular stigma associated with the acceptance of referred deposits. In written correspondence with the FDIC they have indicated that the acceptance and use of these types of deposits should not be discouraged. Please be advised that ABG Services Inc does not advise on whether a particular platform is brokered or non-brokered. It is up to each depository to direct all question regarding this matter to their appropriate regulating body.
CHOOSE THE RIGHT FUNDING PROGRAM
Since inception, ABG has referred over $185 billion in bank deposits to federally insured institutions for maturity durations ranging from 30 days to 10 years. The majority of the placements have been from domestic financial institutions; however, in the past 3 years domestic public funds represent nearly 65 percent of the overall placements.
UNLIKE OTHER DEPOSIT REFERRAL SERVICES ABG IS THE ONLY ONE THAT OFFERS YOU A FULL SPECTRUM OF FUNDING SOURCES:
Please note: All depositories are advised to review FDIC regulations regarding the acceptance of deposits for classification purposes. We also urge you to communicate with your regulating agents. ABG Services Inc does not advise on these matters.
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