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#1231218 - 08/11/09 08:55 PM Public Unit Account and CIP
ahou Offline
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ahou
Joined: Aug 2002
Posts: 3,094
Do you have to CIP a public unit acct? We have a teacher at a seminar stating that we must.
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#1231224 - 08/11/09 09:01 PM Re: Public Unit Account and CIP ahou
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
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Next to Harvey
"Public unit" is not a familiar term to me.

If it means governmental agency, then it is excluded from the definition of "customer" in the CIP regulation; i.e. the regulation does not apply.
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#1231228 - 08/11/09 09:12 PM Re: Public Unit Account and CIP Elwood P. Dowd
ahou Offline
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ahou
Joined: Aug 2002
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Thanks Ken - I figured the seminar speaker was incorrect.

Public Units include government agencies, school districts, cities, counties and parishes, police and fire departments, sewer and water districts, public hospitals, public colleges/universities, and public airports.
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#1231279 - 08/12/09 12:08 AM Re: Public Unit Account and CIP ahou
Curious Offline
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Joined: May 2004
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Government entities, State and Federally Regulated banks are exempt from the definition of "customers" under the Custmer Identification Program (CFR 103.22).

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#1994845 - 02/10/15 03:57 PM Re: Public Unit Account and CIP ahou
The OG Zaibatsu Offline
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The OG Zaibatsu
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Texas
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#1994964 - 02/10/15 07:22 PM Re: Public Unit Account and CIP Curious
John Burnett Offline
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John Burnett
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Cape Cod
Originally Posted By: Curious
Government entities, State and Federally Regulated banks are exempt from the definition of "customers" under the Custmer Identification Program (CFR 103.22).


The regulation in question is now 31 CFR Part 1020, section 1020.220. However, the key is the definition of customer, found at 31 CFR Part 1020, section 1020.100(c), and that refers to 1020.315(b)(2) through (b)(4) for the exceptions.
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