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Account Styling

Answered by: 
Randy Carey

Question: 
When opening accounts for the City (Police, Fire Department, etc.) what documents are we required to collect? Here is why I ask: “Earlier this week the city of XYZ opened a new savings account. They have been a customer since 1977, therefore we don’t have all the paperwork that is now required. This account was brought in by the Chief of Police and the Warrant Officer saying that it needed to be a new account under the “CIF” of the City of XYZ, but needed to be worded titled “The State of TX vs ….. defendant.” There has been an account like this in the past, the defendant is in jail and it's confiscated funds. My question is, what all documents do we need?”
Answer: 

That depends on the rules of your city and how they appoint people to open account on their behalf.

CIP excludes from the definition of ‘‘customer’’ the following readily identifiable entities: a financial institution regulated by a Federal
functional regulator; a bank regulated by a state bank regulator; and governmental agencies and instrumentalities, and companies that are publicly traded.

So unless your Bank's CIP policies includes such entities, this is not a CIP issue.

First published on 12/09/2018

Filed under: 
Compliance
Filed under compliance as: 
Business Accounts/Checks
CIP

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