Search results with tag "Customer identification program"
Five Things You Should Know About…
www.fdic.govCustomer Identification Programs (as required by Section 326 of the USA PATRIOT ACT) 1. What is a Customer Identification Program (CIP)? The USA Patriot Act has several provisions “intended to facilitate the prevention, detection, and prosecution of international money laundering and the financing of terrorism.” 1. A CIP
Guidance FIN-2016-G003 Issued: July 19, 2016 Subject ...
www.fincen.govverifying the identity of customers that are individuals under applicable customer identification program (“CIP”) requirements.2 In short, covered financial institutions are now required to obtain, verify, and record the identities of the beneficial owners of legal entity customers.
FAQs: Final CIP Rule
www.fincen.govnon-federally regulated banks (“bank”) to have a Customer Identification Program (“CIP”). While the purpose of the FAQs document is to provide interpretive guidance with respect to the CIP rule, the Agencies recognize that this document does not answer every question that may arise in connection with the rule.
Bank Secrecy Act and OFAC Compliance Staff Training
gbq.comCustomer Identification Program (CIP) Record Retention • Identifying information - 5 years after the account is ... USA PATRIOT Act §§ 314(a) §314(a) – Mandatory Information Sharing ... • Cashers of on-us checks • Purchasers of money orders/cashiers checks • All parties and financial institutions (non-US) involved in IAT ...
Customer Identification Program
www.fdic.gov• For a credit card account, the bank may also obtain CIP identifying information about the customer by acquiring it from a third-party source prior to extending credit to the customer. 17. 13 . 31 CFR 1020.220(a)(2)(i). Given the definition of customer, when an individual opens a …
CUSTOMER IDENTIFICATION PROGRAM
bsaaml.ffiec.govAlso excluded from the definition of customer are financial institutions regulated by a federal functional regulator or a bank regulated by a state bank regulator, governmental entities, and publicly traded companies as described in . 31 CFR 1020.315(b)(2) through (b)(4). 12. 6. Id. 7. 31 CFR 1020.100(a)(1). 8. 31 CFR 1020.100(a)(2). 9. 31 CFR ...