Customer Identification Programs for Financial Transactions


Fact Sheet 31Customer Identification Programs for Financial Transactions

If you opened a new bank or other financial account recently, you may have noticed you had to supply a lot more personal information than in the past. You may have assumed you had to prove you are you as a guard against the growing crime of identity theft. Not so.

Customer identification programs (CIPs) are now required by federal law to prevent financing of terrorist operations and money laundering. The requirements go beyond just verifying your identity. Banks must now keep records of identifying information and check customer names against terrorist lists. This applies to anyone who opens a new account.

This guide is intended to make you aware of new requirements for opening a financial account as well as the kinds of companies that must comply with the CIP Rules. We also provide some suggestions on how you can prepare yourself and become part of the process.

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