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BSA/AML: CIP Basics

Description: BSA/AML: CIP Basics provides the details concerning the Customer Identification Program (CIP) rules implementing Section 326 of the USA PATRIOT Act.  This course describes the two step process of obtaining certain minimum types of identifying information from each customer and risk-based procedures for verifying the information provided.  It explains the procedures for maintaining records of the information used to verify a person’s name, address, and other identifying information. This course also discusses what banks must consider when relying on other financial institutions or third parties to identify customers on the bank’s behalf.  This course explores different ways to disclose the CIP notice at account opening.

 

Audience: Any bank staff who establish customer relationships.

 

Learning Objectives: After completing this course, students will be able to:

  • Identify what constitutes an account and a customer under the CIP rule
  • Examine the actions to be taken in the two-step process of obtaining identifying information and verifying the identity of the customer
  • Identify the procedures for maintaining records of the information used to verify a person’s name
  • Adhere to established controls and review procedures for reliance on other parties
  • Identify methods for handling the CIP notice at account opening

Commands