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#342418 - 04/04/05 06:51 PM CIP
Anonymous
Unregistered

For CIP purposes.........for a signer on a business account, do we need to CIP them??

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BSA/AML/CIP/OFAC Forum
#342419 - 04/04/05 06:52 PM Re: CIP
Rosebud123 Offline
Platinum Poster
Joined: Oct 2003
Posts: 645
Florida
I believe your customer is the business not the signer.

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#342420 - 04/04/05 06:56 PM Re: CIP
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
We ID signers as part of our KYC program and we have done so for many years...long before CIP came along. In my mind, you do not know your customer if you do not know your signers and company principals.
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#342421 - 04/04/05 06:57 PM Re: CIP
Greg Offline
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Joined: May 2004
Posts: 833
Michigan
Some banks wrote their policies so vaguely that they did not specifically exclude authorized signers - others deliberately included them. While the regs don't require it your own policies might in which case you would need to do it.
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#342422 - 04/04/05 07:23 PM Re: CIP
Anonymous
Unregistered

Business signers are excluded from identification requirements while signers on personal accounts are not.

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#342423 - 04/18/05 03:20 PM Re: CIP
Anonymous
Unregistered

So if I walk into your bank and want to open a business account, I can do that and you will not verify my identity?

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#342424 - 04/18/05 03:33 PM Re: CIP
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
This is a bank-specific policy. Banks must identify the customer, which may be the business, but many banks also require that the authorized signers on most business accounts also provide ID.
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#342425 - 04/18/05 05:04 PM Re: CIP
Anonymous
Unregistered

That makes sense to me and I understand CIP. What doesnt make sense is all the hullaballew that some employees are telling other employees which makes everyone confused. And how long have we had the Patriot Act now? As you can probably tell, we have no or have had no training in this area. Its frustrating.

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