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What is required to pass CIP? For an Address Validation: A drivers license, state identification, bank statement, or a current phone or utility bill displaying the input address. For a Social Security Number (SSN): A social security card.
Obtained from each customer, before opening the account, the identifying information required by the CIP: name, date of birth (for an individual), address, and identification number.
The Customer Identification Program (CIP) is a necessary due diligence procedure that financial organizations must complete to fulfill their Know Your Customer (KYC) obligations.
A Customer Identification Program (CIP) is a United States requirement, where financial institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA Patriot Act.
The Customer Identification Program (CIP) is a process financial institutions follow to verify the identity of their customers. This program is mandated by the USA PATRIOT Act and the Bank Secrecy Act to prevent illicit activities such as money laundering and terrorist financing.
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