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REQUIREMENTS


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


31 CFR 103.121 - Federal regulations requiring the CIP.

FDIC Guidance Letter

Guidance information for banks provided by the FFIEC