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This document contains frequently asked questions providing interpretive guidance regarding the Customer Identification Program (CIP) rule implemented by various federal agencies as required by the

How to fill out fdic fil-4-2004 faqs final

How to fill out FDIC: FIL-4-2004: FAQs: Final CIP Rule

1. Read the FDIC FIL-4-2004 document thoroughly to understand its purpose and requirements.
2. Gather necessary documentation as outlined in the FAQs, such as customer identification information.
3. Follow the guidelines for customer identification programs (CIP) by implementing required procedures.
4. Ensure that your policies comply with applicable regulations and that they are consistent with the final CIP rule.
5. Train your staff on the new procedures and ensure they understand how to implement the changes.
6. Regularly review and update your CIP as needed to ensure ongoing compliance with the final rule.

Who needs FDIC: FIL-4-2004: FAQs: Final CIP Rule?

1. Banks and financial institutions that need to comply with the Bank Secrecy Act.
2. Institutions that are required to implement customer identification programs.
3. Any organization that engages in activities requiring disclosure under the final CIP rule to prevent money laundering.

People Also Ask about

What basic customer information must be collected from under the CIP rules?

CIP requirements vary by customer type. For individuals, financial institutions must collect the full name, date of birth, address, and government-issued ID number. For corporate clients, they might need to verify the business registration certificates, the entity's legal name and address, and ownership structure.

What is the final CIP rule?

The CIP rule requires that a bank retain the identifying information obtained about the customer. at the time of account opening for five years after the date the account is closed or, in the case of. credit card accounts, five years after the account is closed or becomes dormant. 31 C.F.R. § 103.121(b)(3)(ii).

What is the Fdicia rule?

Often referred to as the “FDICIA requirements", Section 36 of the Federal Deposit Insurance Act and Part 363 of the FDIC's regulations impose annual audit and reporting requirements on insured depository institutions with $500 million or more in consolidated total assets.

What is the FDIC six month rule?

To ensure that families dealing with the death of a family member have adequate time to review and restructure their accounts if necessary, the FDIC will insure the deceased owner's accounts as if he or she were still alive for six months after his or her death.

What is the final rule of the FDIC?

Under the final rule an IDI generally must physically segregate the areas where non-deposit products are offered from areas where insured deposits are usually and normally accepted, and display a sign in the non-deposit areas indicating that non-deposit products: are not insured by the FDIC; are not deposits; and may

What is the FDIC final rule on brokered deposits?

The final rule balances the need to promote safe and sound banking practices while ensuring that the classification of a deposit as brokered appropriately reflects changes in the banking system, including banks' use of new technologies to engage and interact with their customers.

What is the interim final rule of the FDIC?

The interim final rule aligns the FDIC's regulation with the deposit insurance coverage historically provided for deposits in the Freely Associated States, clarifying the application of section 330.3(e) of the FDIC's regulations in this context.

What are the main requirements of the CIP rule?

What are the 6 core CIP requirements? Document the details of the CIP. Notify customers that their information is needed. Collect information necessary for identifying customers. Verify the identifying information of customers. Screen customers against potential risk sources. Retain customer information.

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What is FDIC: FIL-4-2004: FAQs: Final CIP Rule?

FDIC: FIL-4-2004 refers to the Federal Deposit Insurance Corporation's Financial Institution Letter which provides FAQs regarding the final Customer Identification Program (CIP) rule that was established under the USA PATRIOT Act.

Who is required to file FDIC: FIL-4-2004: FAQs: Final CIP Rule?

Financial institutions such as banks, savings associations, credit unions, and certain non-depository institutions are required to comply with the Final CIP Rule and file the relevant information.

How to fill out FDIC: FIL-4-2004: FAQs: Final CIP Rule?

Filling out the FDIC: FIL-4-2004 involves providing specific customer identification information, which can include names, addresses, dates of birth, and identification numbers, following the guidance provided in the FAQs.

What is the purpose of FDIC: FIL-4-2004: FAQs: Final CIP Rule?

The purpose of the FDIC: FIL-4-2004 is to enhance customer identification processes in financial institutions to help prevent money laundering and terrorist financing.

What information must be reported on FDIC: FIL-4-2004: FAQs: Final CIP Rule?

Information that must be reported includes customer identity verification details such as full name, residential address, date of birth, and social security number or taxpayer ID number.