Bankers Threads
Click to return to BOL home page
Banker Store Read A Reg BOL Insiders Career Connect Learning Connect Bankers Information Network

Learn more about


Have a Question?
Looking for a
Product or

Our Vendor
Advisory Board

Topic Options
#1727380 - 08/03/12 03:25 PM CIP of a corporate entity
MollyDg Offline
New Poster

Registered: 06/14/12
Posts: 19
To CIP an entity such as a corporation, we require a copy of the Articles of Incorporation. It is becoming common practice for this document to obviously be copied from the Secretary of State website. Would this be an acceptable method of identification? I agree that we could verify the entity on the website but can we utilize the documents contained on the website as the method of Identification?

#1727417 - 08/03/12 03:55 PM Re: CIP of a corporate entity [Re: MollyDg]
Ken_Pegasus Offline

10K Club

Registered: 08/30/01
Posts: 18443
Loc: Another trip around the sun
...can we utilize the documents contained on the website as the method of Identification?

Technically, if that's what your CIP says, yes, you can use a certified copy of the articles or one printed directly from the web site.

Keep in mind that when you are performing CIP you are verifying that entity exists (present tense). Publicly filed articles of incorporation stay on record for many years. If the corporation has been dissolved or is no longer in "good standing" they may still be there. While the distinction might not occur to the average examiner, it may be important to your bank on issues other than compliance.

A "certificate of existence" or "certificate of good standing," whatever your state calls it, proves the corporation was still alive and kicking at the time you opened the account. For this purpose, it's a better choice.

Depending on the capabilities of your state's SOS web site, it may be that finding the page where it says the corporation is in good standing and printing a copy for the file (with the browser printing the date across the bottom) serves you just as well.
Ten percent of life is what happens to you. The other 90 percent is what you do about it. Lou Holtz


Moderator:  Lestie G