According to provisions of the [[FATFUSA Patriot Act]] recommendations, all financial institutions must haveverify the identity of individuals wishing to conduct financial transactions. The law was implemented by regulations in 2003 which require 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.
== Requirements ==
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== References ==
[http://a257.g.akamaitech.net/7/257/2422/08aug20031600/edocket.access.gpo.gov/cfr_2003/julqtr/31cfr103.121.htm 31 CFR 103.121] - Federal regulations requiring the CIP.
This entry was originally based on the information provided on the site Improving New Account Opening [http://improving-nao-content.blogspot.com/2006/07/customer-identification-program-cip.html]
[http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_005.htm Guidance information for banks provided by the FFIEC]
Guidance information for banks is provided by the FFIEC in their BSA/AML InfoBase [http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_005.htm]
Information for varies for other types of institutions. For insurance companies, the state regulations must be addressed and securities dealers must meet their self governing body, such as NASD [http://nasd.com]
