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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).
A Customer Identification Program or CIP is a due diligence practice that corporate and financial organizations must perform in order to meet Know Your Customer (KYC) obligations. For US-based companies and those having business associations with them, CIP is essential during the customer onboarding process.
According to the Customer Identification Program (CIP) rules and the Customer Identification Program (CIP) policy, financial institutions including banks must verify the identity of individuals who wish to use their services to conduct financial transactions.
A compliant CIP has three major components to due diligence: planning and implementation, oversight and accountability, and independent auditing. Each of these may be more or less complex depending on the financial institution's business lines, size, structure, and risk profile.
Section 326 of the USA PATRIOT Act recommends three steps in developing a Customer Identification Program: Identification and verification of persons opening an account. Recordkeeping. Comparison with government lists.
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In the CIP document, it's crucial to include depth and detail concerning every situation you might come across to verify the true identity of a new enrolling customer.
The CIP must specify the identifying information that will be obtained from each customer opening an account. This must include the customer's name, date of birth (for an individual), address, and identification number (31 CFR § 1020.220(a)(2)(i)).
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 first step in the CIP process is to gather the required customer identification information. This information must be obtained prior to opening an account or otherwise establishing a relationship. Before any transactions are permitted other than an initial deposit.
CIP Requirements for Individuals The most common types of documentary verification for individuals include driver's licenses, state-issued ID cards, passports and military IDs.