CIP Basics
This U.S. law requires banks to implement a Customer Identification Program.
What is the USA PATRIOT Act?
A minor opening an account alone is considered this by the CIP.
What is a customer?
Name one of the four pieces of information required from an individual customer at account opening.
What is name, date of birth, residential address, or government-issued ID number?
Identity must be verified within this many calendar days of account opening.
What is 30 calendar days?
Elderly or disabled customers who lack primary ID can use these types of IDs instead.
What are secondary forms of ID (e.g. utility bill, voter registration, Social Security card)?
The main goal of the CIP is to establish this about each customer.
What is a reasonable belief of the customer’s true identity?
These organizations, like government entities, are not considered customers.
What are exempt customers (e.g. government entities)?
For U.S. citizens, the government-issued ID number must be this.
What is the Social Security Number (SSN)?
If identity cannot reasonably be verified, the account must be this.
What is closed?
Employees must notify this officer before contracting with a third party for CIP services.
Who is the BSA Officer?
CIP is part of the bank’s overall program to prevent these two major crimes.
What are money laundering and terrorism financing?
If a parent opens an account for a minor, the CIP customer is actually this person.
Who is the parent or guardian?
For foreign entities, banks must have this IRS form completed every three years.
What is the W-8BEN-E form?
Verification can be done by checking documents or using this type of external source.
What is a trusted third-party source (e.g. credit agency, public database)?
Customers are notified that information will be collected to verify their identity through methods like these (name one).
What are verbal notice, website, signage, or disclosure forms?
CIP applies even if the customer opens an account in this way, without visiting in person.
What is opening an account remotely or not in person (e.g. online, mail, phone)?
This type of person opening an account for someone else who lacks legal capacity is considered the customer.
Who is the individual opening the account?
An acceptable address for a customer in an address confidentiality program is the address of this agency.
What is the address of the Address Confidentiality Program (ACP) sponsoring agency?
Documentary verification for an individual requires at least one of these.
What is a government-issued unexpired photo ID (e.g. driver’s license, passport)?
If a customer intentionally provides misleading information, employees should submit this referral form.
What is the Unusual Activity Referral (UAR)?
Records of CIP information must be kept for this many years after account closure.
What is five years?
This type of organization, if publicly traded, is not considered a customer for CIP purposes.
What is a publicly traded company?
The legal name and this address are required for business customers.
What is the principal business address (or local office address)?
If a U.S. business entity hasn’t received its TIN, the account must close after this many days if still missing.
What is 45 days?
Centennial can rely on another financial institution for CIP only if they provide this annual confirmation.
What is an annual certification that they follow an AML program and meet CIP requirements?