The goal of your institution’s Customer Identification Program (CIP) is just as it sounds, to identify your customers. Those requirements went into effect back in 2003. The Customer Due Diligence for Beneficial Owners (CDDBO) rules, which has been in effect since 2018, cast the net a little wider. The goal is to identify persons that may not necessarily be customers but may have ties to accounts at your institution. Specifically, you are required to identify the beneficial owners, which includes anyone with 25% and/or more ownership or that has significant managerial control over a legal entity customer. Uncovering the beneficial owners can be quite complex for some entities and this webinar will help walk you through it.
Kevin explains more in the video.
Published
2026/01/08
