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Bank Secrecy Act SECTION: Customer Identification Program Effective: 07/2002 Board Approved:00/0000 On October 26, 2001, the USA PATRIOT Act was signed into law. This Act adds several new provisions

How to fill out customer identification program

How to fill out a customer identification program:

1. Begin by collecting all relevant information about the customer, such as their full name, date of birth, address, and contact details.
2. Verify the customer's identification by requesting proper documentation, such as a government-issued ID, passport, or driver's license. Ensure that these documents are valid and not expired.
3. Conduct a risk assessment to determine the customer's potential risk level. This may involve evaluating their occupation, source of funds, and any other relevant factors that could indicate suspicious activity.
4. Establish the purpose of the customer's account or relationship with your organization. Determine whether they are opening a bank account, applying for a loan, or seeking any other financial services.
5. Perform due diligence checks on the customer by conducting background research to confirm their identity and assess their reputation. This may include checking their credit history, cross-referencing their information with relevant databases, or requesting additional documentation if necessary.
6. Record all the information obtained throughout the customer identification process accurately and securely. This documentation should include the customer's personal and financial details, as well as any supporting documents provided.
7. Regularly review and update the customer identification program to ensure ongoing compliance with applicable laws and regulations. Stay informed about any changes that may impact the program, such as updates in anti-money laundering (AML) or know your customer (KYC) requirements.

Who needs a customer identification program?

1. Financial institutions: Banks, credit unions, and other financial service providers are required by law to have customer identification programs in place. This is to prevent money laundering, terrorist financing, and other fraudulent activities.
2. Money service businesses: Entities engaged in money transmitting, currency exchange, or check cashing services must also comply with customer identification program requirements to safeguard against illicit financial transactions.
3. Non-financial businesses: Some non-financial businesses, such as casinos and dealers in precious metals or gemstones, may need to establish customer identification programs to address potential risks associated with their operations.

Note: The specific requirements and regulations for customer identification programs may vary by jurisdiction, so it is essential to consult with legal and compliance professionals to ensure compliance with applicable laws and regulations.

For pdfFiller’s FAQs

What is customer identification program?

A customer identification program (CIP) is a federal regulation that requires financial institutions to verify the identity of individuals who open accounts or conduct transactions.

Who is required to file customer identification program?

Financial institutions, including banks, credit unions, and money services businesses, are required to establish and maintain a customer identification program.

How to fill out customer identification program?

Financial institutions must establish written procedures that outline how they will verify the identity of customers. These procedures typically involve collecting and verifying personal information such as name, date of birth, address, and government-issued identification.

What is the purpose of customer identification program?

The purpose of the customer identification program is to prevent money laundering, terrorist financing, identity theft, and other financial crimes by ensuring that individuals opening accounts or conducting transactions are properly identified and their information is verified.

What information must be reported on customer identification program?

The customer identification program should include the collection and verification of customer information such as name, date of birth, address, and government-issued identification. Additionally, records of the method used to verify the customer's identity should be maintained.

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