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Customer Identification Program - Federal Deposit Insurance

Customer Identification Program - Federal Deposit Insurance 2025

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The document is a Client Information Profile form required for opening a new account, which collects personal information to comply with federal laws aimed at preventing terrorism funding and money laundering. It includes sections for the primary account owner, additional signers, beneficiaries, and client certification, requiring details such as name, address, date of birth, identification documents, and employment information.

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Is CIP part of the Patriot Act?

of the USA PATRIOT Act and requires banks, savings associations, credit unions and certain non-federally regulated banks (bank) to have a Customer Identification Program (CIP).

What is the USA PATRIOT Act section 326 Customer Identification Program?

Section 326 of the Act requires reasonable procedures for maintaining records of the information used to verify a persons name, address, and other identifying information. The proposed regulation sets forth recordkeeping procedures that must be included in a banks CIP.

Who is required to have a CIP program?

What types of businesses need a CIP? Any business that meets the statutory definition of a financial institution under the BSA is legally required to have a CIP. This includes institutions that traditionally handle money or other financial instruments, such as: Banks.

What are the 4 pieces of CIP?

Keeping up with CIP requirements can feel overwhelming. Heres a quick recap of what you need to know about Customer Identification Program requirements: Banks and financial institutions must collect four main pieces of customer information: name, date of birth, address and government-issued identification number.

What is the federal law requiring customer identification programs?

The CIP requirement was established under Section 326 of the USA PATRIOT Act, enacted in 2001 in the wake of 9/11 to prevent money laundering, terrorist financing, and other financial crimes by ensuring that institutions thoroughly vet potential customers and identify suspicious transactions.

What is the federal law for Customer Identification Program?

The CIP Rule requires a bank to implement a program that includes risk-based verification procedures that enable the bank to form a reasonable belief that it knows the true identity of its customers.

What is the Federal Deposit Insurance Program?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nations financial system by: insuring deposits; examining and supervising financial institutions for safety and soundness and consumer protection; making large and

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