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New Regs Go Into Effect to Process New Bank Account Applicants

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On April 30, 2003 the Department of the Treasury issued final regs on Implementing Customer Identity Verification Requirements under Section 326 of the USA PATRIOT Act. This Fact Sheet provides details about the Customer Identification Program (CIP), effective October 1, 2003, which will require that financial institutions:

  • Collect identifying information about customers opening an account
  • Verify that the customers are who they say they are
  • Maintain records of the information used to verify their identity
  • Determine whether the customer appears on any list of suspected terrorists or terrorist organizations
  • For more information on these regs, ComplianceHeadquarters.com provides a useful guide, How to Get From KYC (Know Your Customer) to CIP (Customer Identification Program), as well as other related resources.
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