Business Account CIP Files

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Question:

I contend that since we have the capacity to create CIP files on both personal and business accounts, that we should be doing just that. Our new accounts people feel that since we maintain files on the businesses with the critical documentation included there is no need to set them up in the CIP system. Am I correct or is New Accounts, correct?

Answer:

This is purely an internal record-keeping issue. There is no regulatory requirement to maintain a separate CIP system on either business or personal accounts. How your system should be deployed and used is a decision your bank management needs to make and communicate to all parties affected.

First published on BankersOnline.com 10/02/06