At our Virtual BSA/AML Conference in November, there was a session on “Top BSA / AML Violations & Audit Tips” that have been noted by our Review Team. One topic on that list was the Customer Identification Program (CIP). CIP has been around for a long time now and, for the most part, your program runs smoothly without a lot of fuss. Sometimes with these long-standing compliance requirements, however, people can get complacent and little things start to slip through the cracks. With CIP, we often see this happening with the overall documentation. In a nutshell, CIP is a two-step process, you must identify a person by asking them for certain information and then you must verify it. Oftentimes, we see employees unknowingly turning this into a one step process.
Kevin explains more in the video:
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Published
2024/12/03