Verification of customer data is needed not only by the bank, but also by law enforcement agencies
It is no secret that the issuance of loans to individuals and legal entities makes profit to banks. However, unreliable customers make unnecessary trouble. Therefore, financial institutions follow the well-known saying “better safe than sorry” and have a number of tools to do so. Credit institutions seek to find those with whom it would be beneficial to maintain a business relationship. There are several types of pre-loan checks for this purpose. Not only financiers are interested in some procedures. For example, the main role in the decision to issue a loan is the verification of client reliability. This is an analysis of the credit history and repayment dates. If the borrower fully gave the bank the money, but did so with regular delays, this may cause the next loans to be refused.
The audit is also carried out, the results of which may interest not only the bank, but also the law enforcement system. It is implemented in accordance with the Federal Law on Combating Money Laundering.
Verification of customer data is carried out according to the credit history and not only
Reliability check – this is an analysis of the credit history. Unfortunately, complete customer base which could be used by all banks and financial and technical organizations shill doesn’t exist. Therefore, the information is checked in the internal system of the bank and in open external systems. In general, it gives a fairly complete picture for each individual. In any case, it is checked whether the client has any suspensions in other banks. The Federal Tax Service may inform about this. One of the articles of the current legislation prohibits banks from opening new accounts if there are suspensions.
Banks also receive an extract on the individual personal account of the client. This information is requested through the Interdepartmental Electronic Interaction System. There is also an extract from the pension fund (PFR). Upon analyzing the deductions, it is possible to conclude whether the income of the client is in the shadow.
Despite the fact that there is no single system with comprehensive information on each client in the banking sector, there is a register of citizens to whom banks refused service. Presence in this list is not a reason for unambiguous refusal, but it is a signal to analyze the situation why this happened. It is important to check whether the client is a public official or relative. This data can be found from the questionnaire filled in by a person who wants to receive a loan: it specifies the place of work, position and family composition.