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  • Joint Final Rule: Customer Identification Programs For Broker-dealers ... 2020

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Related content

Joint Final Rule: Customer Identification Programs...
May 20, 2003 — This final regulation applies to brokers or dealers in securities except...
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Joint Final Rule: Customer Identification Programs...
May 20, 2003 · Under the final rule, a broker-dealer's CIP must include risk-based...
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Section 326 of the USA PATRIOT ACT requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account or changes an existing account. This federal requirement applies to all new customers and current customers.

Section 326 of the Act requires reasonable procedures for maintaining records of the information used to verify a person's name, address, and other identifying information. The proposed regulation sets forth recordkeeping procedures that must be included in a bank's CIP.

Customer identification program requirements Collecting four specific pieces of identifying information: the customer's name, address, date of birth, and government-issued identification number. Establishing identity verification procedures. Meeting recordkeeping requirements established by the law.

The USA Patriot Act requires credit unions and other financial institutions to establish and maintain documentation of a Customer Identification Program (CIP). The purpose of the CIP is to reasonably identify members opening accounts.

Section 362 of the USA PATRIOT Act mandates that FinCEN establish a highly secure network to 1) allow financial institutions to file SARs and CTRs on-line, and 2) "provide financial institutions with alerts and other information regarding suspicious activities that warrant immediate and enhanced scrutiny." FinCEN has ...

Obtained from each customer, before opening the account, the identifying information required by the CIP: name, date of birth (for an individual), address, and identification number.

ing to the Federal Deposit Insurance Corporation (FDIC), the CIP Rule has six general requirements: A written program. Four pieces of identifying information: customer name, date of birth, address, and identification number. Identity verification procedures. Recordkeeping. Comparison with government lists.

The CIP must include risk-based procedures for verifying the identity of each customer to the extent reasonable and practicable. The procedures must enable the bank to form a reasonable belief that it knows the true identity of each customer.

The CIP rule requires a bank to obtain a taxpayer identification number from the customer prior to opening an account from a customer that is a U.S. person.

Establishing a documented CIP program. Collecting four specific pieces of identifying information: the customer's name, address, date of birth, and government-issued identification number. Establishing identity verification procedures. Meeting recordkeeping requirements established by the law.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232