For those FIs who issue debit cards to employees of their business customers (in the name of the Company and in the names of the Employees), is CIP performed for the employees and what limits are in place to mitigate risk ( e.g., # of cards issued per account, usage of the cards (ATM withdrawals and POS transacitons only), daily limits, etc.)?

Debit cards are not accounts; there is no CIP involved in issuing them. I will leave the rest of your question for those who actually have hands-on experience in issuing business debit cards.

We make the business responsible for policing these types of risks by disclosing the following in our account agreement:

You understand that any transaction by a business owner, employee, or anyone you authorize to transact business on your account or any transaction by an authorized person that exceeds the transaction authority you have provided are considered authorized transactions for which you remain fully responsible.

Daily withdrawal limits are also stipulated in our agreement.

We have an application for adding card "users" (not signers). We also have an agreement and separate disclosures.