Can a bank exclude from the definition of customer a person that has an existing account with its affiliate?
No, a person that has an existing account with a bank affiliate does not qualify as a person who has an existing account with the bank within the meaning of 31 C.F.R. 103.121(a)(3)(ii)(C). However, the bank may be able to rely on its affiliate to perform elements of its CIP, as provided in 31 C.F.R. 103.121(b)(6). (January 2004) 31 C.F.R. 103.121(b)(2)(i) — Information required 1. What address should be obtained for customers who live in rural areas who do not have a residential or business address or the residential or business address of next of kin or another contact individual? For example, is a rural route number acceptable? Yes, the number on the roadside mailbox on a rural route is acceptable as an address. A rural route number, unlike a post office box number, is a description of the approximate area where the customer can be located. In the absence of such a number, and in the absence of a residential or business address for next of kin or another contact individual, a descri
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- Is a person who becomes co-owner of an existing deposit account a customer to whom the CIP rule applies?
- Existing NetAccess User (with enrolled EastWest Bank deposit account in the Net Access)?
