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CIP - Domestic Financial Institution Accounts

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Question: 
What types of information and ID should financial institutions obtain for CIP when opening accounts for other domestic financial institutions?
Answer: 

Among other types of entities, banks are excluded from CIP's definition of "customer." In short, what you require is purely a function of your own judgment. Obtaining identification for signatories on correspondent bank accounts would normally be a low priority.

First published on BankersOnline.com 8/28/06

First published on 08/28/2006

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