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Customer Identification Program (CIP)

Overview

The Customer Identification Program (CIP) is a requirement under the USA PATRIOT Act that obligates US financial institutions to verify customer identities when opening accounts. It helps prevent terrorists and criminals from exploiting the US financial system.

CIP requires collection of key information such as name, address, date of birth, and identification number, followed by verification using documents or databases. It is one of the pillars of KYC in the US.

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Related Terms

Know Your Customer (KYC)

Customer Due Diligence (CDD)

BSA (Bank Secrecy Act)

FAQ

What is CIP?

A legal requirement to collect and verify basic customer details in the US.

Why is it important?

It ensures criminals cannot easily open anonymous accounts.

Who enforces it?

FinCEN and other federal regulators.

How does it relate to KYC?

CIP is part of KYC, focused on initial account opening.