What guidance is available regarding a customer identification program (CIP)?
To assist banks in complying with the provisions of section 326, the Agencies issued Frequently Asked Questions Relating to Customer Identification Program Rules Issued Pursuant to the USA PATRIOT Act in January 20046. This document includes guidance on the definitions of account, bank, and customer; information requirements; customer verification; required records; retention of records; the Section 326 list of terrorists; customer notices; and reliance on other financial institutions.
