To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. Important Information about Procedures for Opening a New Account The notice may be included in documents you receive when opening an account, may be posted online or at the financial institution's office. The notice may come in a variety of ways. You must receive notice about the identity requirements. Will I receive notice about identity requirements before I open an account? About Customer Identification Programs (CIPs)ĬIPs must be established by a broad category of companies that fall under the BSA's definition of financial institution including: This guide is intended to make you aware of the requirements for opening a financial account as well as the kinds of companies that must comply with the CIP Rules.Ģ. Regulations established under BSA mandate that banks and other financial institutions establish Customer identification programs (CIPs) to verify the identities of their customers.
government agencies to detect and prevent money laundering. The Bank Secrecy Act (BSA) requires financial institutions to assist U.S. Information Required to Open an Account: Proving You Are You.About Customer Identification Programs (CIPs).
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