Customer Identification Program: Difference between revisions

Revision as of 16:55, 31 December 2007

Revision as of 21:18, 31 December 2007

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According to provisions of the [[USA Patriot Act]], all financial institutions must verify 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.