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#2027079 - 07/14/15 07:20 PM Internal Bank accounts and CIP
Tocomply Offline
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Joined: Nov 2004
Posts: 650
Does CIP apply to all types of accounts? Would internal bank accounts, like one used for PAC, be exempt or is this determined by those who develope the CIP for the bank?

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#2027081 - 07/14/15 07:26 PM Re: Internal Bank accounts and CIP Tocomply
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
The regulation itself doesn't require the application of CIP to accounts of banks. That would include internal accounts. If the bank has hobbled itself with CIP provisions that would apply to these accounts, that's a horse of a different color.
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John S. Burnett
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#2027087 - 07/14/15 07:53 PM Re: Internal Bank accounts and CIP Tocomply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,229
Galveston, TX
What does PAC stand for?? You mean a political action committee of the Bank's?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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