Perhaps......

If this question was addressed previously, please lead me to the thread......I've searched but was unsuccessful.

We have a student whose parents opened a Visa Account for her. They are guarantors. She has no other and will have no other account with our bank. Our policy states that we currently do not issue credit cards to individuals who have no other account with us.....Our policy does not state anything about students. The CEO approved the account and claims that we do not need to CIP because the parents have accounts with us and they are guarantors and they are CIPed.

I think we should.....now I'm asking for your opinion????

As I understand it, CIP requires the bank to obtain and verify the 4 required items on the owner of the account. Exceptions are allowed if the "owner" is a minor - then you may CIP the parents instead of the child. If the owner is considered an adult, then you must CIP the owner.

Thank you