Overview#

Customer Identification Program is a United States requirement or Regulation, where Financial Institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA PATRIOT Act. More generally known as Customer Identification Program the CIP requirement was implemented by United States Regulations in 2003 which require US Financial Institutions to develop a CIP appropriate to the size and type of its business. The CIP must be incorporated into the bank's Bank Secrecy Act/Anti-Money Laundering Regulatory compliance program, which is subject to approval by the financial Institution's board of directors.

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« This page (revision-2) was last changed on 11-Feb-2017 20:49 by jim