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#1609960 - 09/28/11 05:04 PM CIP - Individuals w/ Authority or Control
MHuff Offline
100 Club
Joined: Nov 2006
Posts: 219
The exam manual says a bank's CIP must address situations where the bank would CIP individuals with authority/control of business accounts. We identify them on all business accounts, and I'm wondering if we are creating too much of a burden on ourselves.

Just wondering what you other banks are doing as far as CIP for individuals with authority or control of business accounts. Do you do it on all accounts, even when the individual is an existing customer, or only under certain circumstances? Your responses will be greatly appreciated!

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#1610113 - 09/28/11 06:59 PM Re: CIP - Individuals w/ Authority or Control MHuff
BC78a Offline
Gold Star
Joined: May 2006
Posts: 311
New York
For business accounts we CIP all signers.

You only need to CIP someone once, not everytime they open an account.
Just my opinion for what it is worth

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