AccordingA to'''Customer provisionsIdentification ofProgram''' the(CIP) [[USAis Patriota Act]]United States requirement, allwhere [[financial institutionsinstitution]]s mustneed to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the [[USA Patriot Act]]. TheMore lawgenerally known as [[know your customer]] the CIP requirement was implemented by regulations in 2003 which require US financial institutions to develop a '''Customer Identification Program''' (CIP) appropriate to the size and type of its business. The CIP must be incorporated into the bank's [[Bank Secrecy Act]]/[[Anti-money laundering]] compliance program, which is subject to approval by the financial institution's board of directors.
