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CIP Identification of Minor Required?

Answered by: 
Andy Zavoina

Question: 
In my state a minor can contract on a bank account and be held responsible for the account. With this in mind would the CIP requirements mandate we obtain proper identification if a minor is a joint owner of an account or can we rely on the identification of the adult on the account?
Answer: 

If the minor is able to be the accountholder, they are a "customer" under CIP. CIP has a rule pertaining to minors as they lack the legal capacity to enter into these obligations. If your state allows them to enter into these agreements, that exclusion doesn't apply.

First published on BankersOnline.com 9/8/03

First published on 09/08/2003

Filed under: 
Compliance
Filed under compliance as: 
CIP
Minors

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