Section 326 of the USA PATRIOT Act requires financial institutions to implement a written Customer Identification Program (CIP) that is appropriate for the size and type of business and that includes minimum requirements.
Customer Identification Programs
Section 326 of the USA PATRIOT Act requires financial institutions to implement a written Customer Identification Program (CIP) that is appropriate for the size and type of business and that includes minimum requirements. The CIP is intended to enable the institution to form a reasonable belief that it knows the true identify of each customer. The CIP must include account opening procedures that specify the identifying information to be obtained from each customer. It must also include reasonable and practical risk based procedures for verifying each customer's identity.
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Michael Zeldin, Michael Shepard And Piero MolinarioThis premium content is locked for Business Crimes Bulletin subscribers only
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