CIP of Local Government Entities

Domestic government entities are not "customers" under the definitions found in 31 CFR 103.121(a). Accordingly, you are not required by the regulation to verify their identities at all. However, if your bank's CIP policy, approved by your board, calls for ID verification for this group of customers, you have to comply with whatever your CIP rules are.

First published on BankersOnline.com 1/08/07