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What is considered CIP?

The CIP rule requires a bank to verify the identity of each \u201ccustomer.\u201d Under the CIP rule, a \u201ccustomer\u201d generally is defined as \u201ca person that opens a new account.\u201d If a pension plan administrator chooses to remove a former employee from the plan pursuant to section 657(c) of the Economic Growth and Tax Relief ...

What does a CIP include?

The CIP must include risk-based procedures for verifying the identity of each customer to the extent reasonable and practicable. The procedures must (1) enable the bank to form a reasonable belief that it knows the true identity of each customer and (2) be based on the bank's assessment of the relevant risks.

What is the purpose of a CIP?

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.

What are the main requirements of the customer identification program CIP rule?

The CIP rule requires that a bank retain the identifying information obtained about the customer at the time of account opening for five years after the date the account is closed or, in the case of 7 Page 8 credit card accounts, five years after the account is closed or becomes dormant. 31 C.F.R. § 103.121(b)(3)(ii).

How many specific pieces of information does the CIP require?

The CIP Rules establish the minimum identification information a financial institution must collect from you before opening a new account. Beyond this, financial institutions have flexibility to adopt procedures appropriate to their business operations. Four data items are required for all new accounts.

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