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What is the customer protection rule for broker-dealers?
The Securities and Exchange Commission today adopted amendments to Rule 15c3-3 (the customer protection rule) to require certain broker-dealers to increase the frequency with which they perform computations of the net cash they owe to customers and other broker-dealers (known as PAB account holders) from weekly to
What is required in CIP?
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.
What is the rule 17a 5 for broker-dealer?
17a-5(b)(5) Whenever any national securities exchange or registered national securities association takes any action which causes any broker or dealer which is a member of such exchange or association to cease to be a member in good standing of such exchange or association or when such exchange or association learns of
What are the main requirements of the customer identification program rule?
These requirements exist regardless of whether the bank establishes this relationship directly with the customer or through an intermediary. These procedures must include collecting, at a minimum, the customers name, date of birth (for an individual), address, and identification number.
What is the requirement of CIP?
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.
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What are the main requirements of the Customer Identification Program?
Required Customer Information The CIP must specify the identifying information that will be obtained from each customer opening an account. This must include the customers name, date of birth (for an individual), address, and identification number (31 CFR 1020.220(a)(2)(i)).
What is the CIP rule for broker-dealers?
The CIP must include risk-based procedures for verifying the identity of each customer to the extent reasonable and practicable. The procedures must enable the broker-dealer to form a reasonable belief that it knows the true identity of each customer.
What are the four critical pieces of information required for proper customer identification?
Collect four pieces of identifying information: Name, date of birth, address, and SSN (tax ID numbers or government-issued identification numbers for non-US citizens). While these are the minimum required pieces, you can collect additional information from the potential customer if necessary.