Customer Identification Program: Difference between revisions

Revision as of 13:19, 25 July 2006

Revision as of 14:37, 18 August 2006

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The CIP is intended to enable the bank to form a reasonable belief that it knows the true identity of each customer. The CIP must include [[new account opening]] procedures that specify the identifying information that will be obtained from each customer. It must also include reasonable and practical risk-based procedures for verifying the identity of each customer. Financial institutions should conduct a risk assessment of their customer base and product offerings, and in determining the risks, consider:

* The types of accounts offered

* The methods of opening accounts.

* The types of identifying information available

* The institution's size, ___location, and customer base

== References ==