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Funding Programs - ABG Due Diligence Procedure and Deposit Types



Banking Institution Program Choose The Right Funding Program ABG Due Diligence Procedure Why Use ABG Funding Programs? Download ABG's Bank Info Pack

business people
The following are the types of deposits ABG refers as well as the procedure ABG follows when acquiring a new account:

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, 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. 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.
  • FDIC-member financial institutions are required to comply with CIP regulations since they are regulated by the FDIC.

  • Public funds: ABG furnishes rate opportunities to registered financial advisors that provide investment services to over 5,000 school district and local government entities nationwide. 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: These are state and federally regulated credit unions. Both are required to comply with CIP regulations since they are regulated by the state they reside in or NCUA.

For more information please contact us at 1.800.807.3447, or click here.

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