Thread Options Tools
#86084 - 06/06/03 01:13 AM BOL Article on CIP existing customers
Anonymous
Unregistered

I was reading the article posted on BOL about existing customers and CIP ID. It starts out with when you open an account after 10-1 you must provide a disclosure. Is this assumed to be a written CIP disclosure?

Return to Top
General Discussion
#86085 - 06/06/03 01:22 AM Re: BOL Article on CIP existing customers
Deena Offline
Power Poster
Deena
Joined: Nov 2000
Posts: 2,701
PA
I believe it's referring to the section of the regulation that requires "adequate notice" to customers.

(5)(i) Customer notice. The CIP must include procedures for providing bankcustomers with adequate notice that the bank is requesting information to verify theiridentities.
†††††(ii) Adequate notice. Notice is adequate if the bank generally describes the identification requirements of this section and provides the notice in a manner reasonablydesigned to ensure that a customer is able to view the notice, or is otherwise given notice,before opening an account. For example, depending upon the manner in which theaccount is opened, a bank may post a notice in the lobby or on its website, include thenotice on its account applications, or use any other form of written or oral notice.
†††††(iii) Sample notice. If appropriate, a bank may use the following sample language to provide notice to its customers:
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driverís license or other identifying documents.
_________________________
Opinions expressed are mine and not necessarily those of my employer.

Return to Top