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In December, the SEC published a Risk Alert regarding identity theft. Reg S-ID requires financial institutions -- including registered investment advisers -- to implement policies and procedures designed to detect, prevent, and mitigate identity theft, and to respond to any red flags of potential identity theft. As a best practice, advisers may secure documentation of the client's identification, such as a passport or driver's license, during the onboarding process, or when assisting them with opening brokerage accounts. It's a good idea to keep this documentation in your records for future reference, in case you ever need to confirm someone's identity by photograph, or verify a signature. Your policies should provide examples of red flags of potential identity theft, and outline how you will respond to potential red flags.