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CIP Business Accounts

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Is it a current rule within the USA PATRIOT Act that our CIP require a social security number for non business, non interest bearing accounts? I have read section 326, but it's unclear to me that this proposal was actually passed.

The rule that you should read is 31 CFR 131.121, the regulatory requirement implementing "Section 326." You should also read your bank's Customer Identification Program, passed by its Board, which sets up the requirements for your bank.

First published on 11/29/04

First published on 11/29/2004

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