|
|
|
 |
Compliance Gurus
Lending Gurus
Security Gurus
Marketing Gurus
Technology Gurus
eBanking Gurus
|
CIP - Identification of Minor Required?
Answer by Andy Zavoina, BOL Guru
BIO AND CONTACT INFO
Question: In my state a minor can contract on a bank account and be held responsible for the account. With this in mind would the CIP requirements mandate we obtain proper identification if a minor is a joint owner of an account or can we rely on the identification of the adult on the account?
Answer: If the minor is able to be the accountholder, they are a "customer" under CIP. CIP has a rule pertaining to minors as they lack the legal capacity to enter into these obligations. If your state allows them to enter into these agreements, that exclusion doesn't apply.
First published on BankersOnline.com 9/8/03
Home | Compliance | Lending | Operations | Security | Marketing | Technology | eBanking
BOL Archives Privacy Policy Important Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our
advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all
banking professionals. Support our advertisers and sponsors by clicking
through to learn more about their products and services.
|
|
|
Print Friendly!
Email This Article!
Discuss NOW!