CIP Is Just the Beginning

Your Customer Identification Program (CIP) is about knowing your customer. It’s designed to help you form a reasonable belief that you know the identity of a person or entity looking to open an account. You are required to collect certain information and then verify it, all in an attempt to ensure they really are who they say they are. CIP has been around for over 20 years and it’s not uncommon for us to see employees who are confused about the CIP compliance requirements. It’s important to understand that CIP is still very much an important part of your BSA/AML program even as new BSA/AML requirements have come along.

Kevin explains more in the video.

Video Highlights:

• CIP is designed to help form a reasonable belief about the true identity of a customer.
• Specific pieces of information must be obtained and verified.
• Front-line employees are often confused about the difference between CIP and other Customer Due Diligence requirements.

Published
2023/12/18