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Is Bank Required to Get Authorized Signer's SSN?

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Are you required to get an authorized signer's social security number? The signer has provided us with 2 other forms of ID including a picture ID?

Unless your bank's CIP requirements include obtaining the SSN of non-owner authorized signers, you are not required to do so. Many banks have determined that they wish to obtain and verify the identity (including SSN) of authorized signers, particularly for an entity for which adequate verification of the entity's existence, etc., is difficult. For example, it's fairly easy to fake the documents required to form a corporation, partnership, or trust.

First published on 07/04/05

First published on 07/04/2005

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