<P> A Customer Identification Program ( CIP ) is a United States requirement , where financial institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA Patriot Act . More generally known as know your customer the CIP requirement was implemented by regulations in 2003 which require US financial institutions to develop a CIP appropriate to the size and type of its business . The CIP must be incorporated into the bank 's Bank Secrecy Act / Anti-money laundering compliance program , which is subject to approval by the financial institution 's board of directors . </P>
<P> A Customer Identification Program ( CIP ) is a United States requirement , where financial institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA Patriot Act . More generally known as know your customer the CIP requirement was implemented by regulations in 2003 which require US financial institutions to develop a CIP appropriate to the size and type of its business . The CIP must be incorporated into the bank 's Bank Secrecy Act / Anti-money laundering compliance program , which is subject to approval by the financial institution 's board of directors . </P>
the customer identification program ( cip ) implemented by the usa patriot act requires banks to
the customer identification program ( cip ) implemented by the usa patriot act requires banks to
incorporated into the bank 's Bank Secrecy Act / Anti-money laundering compliance program develop a CIP appropriate to the size and type of its business verify the identity of individuals wishing to conduct financial transactions with them
incorporated into the bank 's Bank Secrecy Act / Anti-money laundering compliance program develop a CIP appropriate to the size and type of its business verify the identity of individuals wishing to conduct financial transactions with them