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 United States PATRIOT Act.

More generally known as Know Your Customer 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.

More Information#

There might be more information for this subject on one of the following:

• CIP
• Electronic Identity Verification
• Financial Industry Regulatory Authority Inc
• Identity Proofing
• Identity Verification Service
• Know Your Customer