CIP Documentation & Sole Proprietorships

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Question:

What type of CIP documentation is required for Sole Proprietorships?

Answer:

CIP documentation is developed by the bank based on the bank's individual risk assessment to ensure that you properly identify a customer. There is no regulatory answer. However, typically the proprietor is subjected to the bank's standard CIP procedures for an individual and then the bank also requires a registered "DBA or assumed name" certificate.

First published on BankersOnline.com 7/07/08